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Credit Suisse bans travel

City A.M. Reporter
CREDIT Suisse said it is restricting its bankers’ travel to Germany after authorities there said they had launched 1,100 tax evasion probes against the bank's clients and were investigating staff on suspicion of aiding evasion.

The probe into Switzerland’s second-largest bank by assets relates to a CD with client data bought by the German state of North Rhine-Westphalia. “We already have restrictions on travel in place and now these are being applied very strictly in the case of Germany,” a Credit Suisse source said yesterday. “We have had no contact with the German authorities and cannot comment further.”

Credit Suisse, which runs banking and wealth management operations, gained market share at home in the crisis as larger domestic competitor UBS struggled with damage to its reputation caused by a bitter US tax case and a state bailout.