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  1. Wealth
July 2, 2009

Credit Suisse offers up names of French clients

By Spear's

In what is shaping up as the latest assault on Swiss banking confidentially, Credit Suisse has said it will pass the names of clients holding French securities to the French markets authority.

In what is shaping up as the latest assault on Swiss banking confidentially, Credit Suisse has said it will pass the names of clients holding French securities to the French markets authority.

If clients failed to respond, Credit Suisse will sell the securities at prevailing market prices, according to some Swiss reports.

The Credit Suisse disclosure has hit the headlines in the Swiss press, and comes amid the controversy over the way that Switzerland appears to be giving more and more ground over the issue of traditional banking secrecy.

A Credit Suisse spokesman, confirming some elements of an article in Swiss daily Le Temps, said a letter has been sent to French clients holding French stocks or bonds seeking authorisation to pass on information to the Autorite des Marches Financiers (AMF), the financial markets regulator.

For further details, visit thewealthnet

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