Credit Suisse Group Stock News

Zurich-headquarterd Credit Suisse faces charges in a Swiss court on 7 February for allegedly allowing a Bulgarian gang of cocaine traffickers to launder millions

Switzerland’s second largest bank, Credit Suisse, is a defendant in a trial involving millions of euros that were allegedly laundered through its coffers by a Bulgarian drug trafficker. The court case, which starts on Monday, has sparked fresh calls for increased scrutiny of the way banks do business in Switzerland. Prosecutors state that the drug ring, headed by a former Bulgarian wrestler, washed CHF146 million ($158 million) through Credit Suisse, including large sums of cash in suitcases, between 2004 and 2008. Two alleged members of the cocaine smuggling ring and a former Credit Suisse banker will be in the dock during the four-week trial. Credit Suisse is also accused of playing a part in the alleged plot and is the first major Swiss bank to appear in a money laundering trial in the country, says Swiss public broadcaster SRF. “Credit Suisse unreservedly rejects as meritless all allegations in this legacy matter raised against it and is convinced that its former employee…

Switzerland-based Credit Suisse seems to have landed in trouble recently.

Credit Suisse has signed a deal with Barclays to take on rich clients in parts of Africa after it decided to exit wealth management in nine countries, the Swiss bank said on Friday, confirming an earlier Bloomberg report. Credit Suisse has signed a private banking client referral agreement with Barclays as part of the plan []

Swiss prosecutors say it did not take all necessary steps to prevent the alleged drug traffickers from hiding and laundering cash.

A Swiss court has charged Credit Suisse of allowing a… The post Credit Suisse charged with money laundering in Bulgarian cocaine traffickers case appeared first on PageOne .

Swiss prosecutors have delivered an indictment against Credit Suisse over its alleged failure to take the necessary steps to prevent money laundering linked to Bulgarias Evelin Banev. Swiss prosecutors claim that Credit Suisse as well as one of its former relationship managers did not take all the necessary steps to prevent the hiding and laundering of cash between 2004 and 2008 by alleged drug traffickers. «Credit Suisse unreservedly rejects as meritless all allegations in this legacy matter raised against it and is convinced that its former employee is innocent,» the bank said in a statement. Banev Relationship According to the 500-page indictment, the former Credit Suisse relationship manager, who joined the bank in 2004 and left in 2010, brought in at least one Bulgarian client who was an associate of Evelin Banev an ex-wrestler nicknamed Bulgarias «Cocaine King». The client allegedly placed suitcases full of cash in a safe deposit box at Credit Suisse before being shot dead as he left a restaurant with his wife in Bulgaria in 2005.

Credit Suisse Group AG has securitized a portfolio of loans tied to yachts and private jets owned by oligarchs and entrepreneurs to offload risk, the Financial Times reported.

Swiss prosecutors say it did not take all necessary steps to prevent the alleged drug traffickers from hiding and laundering cash

Bloomberg have the report, citing other financial media. loans were backed by jets, yachts, property or other financial assets deal finalised late 2021 interest rate of more than 11% Bloomberg add that CS experienced 12 defaults on its yacht and aircraft loans in 2017 and 2018, of wh

Credit Suisse Group AG has securitized a portfolio of loans tied to yachts and private jets owned by oligarchs and entrepreneurs to offload risk, the Financial Times reported.

Credit Suisse released a slimmed down best of the best picks list for February with January debut Disney dropping out of the conviction picks completely.

ZURICH (Reuters) Credit Suisse has signed a deal with Barclays to take on rich clients in parts of Africa after it decided to exit wealth management in nine countries, the Swiss bank said on Friday, confirming an earlier Bloomberg report.

ZURICH (Reuters) Credit Suisse is pulling out of its wealth management business in a number of African countries, and the private clients are to switch to Barclays, a spokesperson for the Swiss bank said on Friday, confirming a Bloomberg report.

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