Credit Suisse to close Panama private banking office
Credit Suisse to close
private banking office. A Credit Suisse spokesperson said the Panama office closure had been planned for
a long time and had nothing to do with the Panama Papers scandal Panama
“We will close our advisory office with around 20 employees,” a Credit Suisse spokesperson told Miguel Sanchiz in Panama, confirming a report on the online news platform Finews.ch.
The spokesperson said the closure had been planned for a long time and had nothing to do with the Panama Papers scandal that has rocked the financial world.
A series of reports in April based on millions of documents leaked from the
law firm Mossack Fonseca revealed
how its lawyers worked with big banks, including Panama ’s Credit Suisse and UBS Group AG,
to create numerous offshore shell companies for world leaders, athletes and
other rich clients. Switzerland
According to the leaked documents, Credit Suisse Channel Islands Limited was listed as the third largest facilitator of offshore companies in the Panama Papers. Tidjane Thiam, CEO of Credit Suisse denied any links to illegal assets.
The spokesperson said the closure of the bank’s
operation was rather a
“streamlining” of activities in Panama Latin America, which represents “an important growth region for
private banking and asset management."
The Swiss bank wants to strengthen its presence in other Latin American countries such as
and Brazil . Mexico