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  1. Wealth
March 22, 2010

WBrief: Credit Suisse bankers restricted on travel to Germany

By Spear's

Credit Suisse has severely restricted travel to Germany by private bankers working for clients with accounts in Switzerland, due to fears that such staff could be detained by the authorities across the border, media reports said.

Credit Suisse has severely restricted travel to Germany by private bankers working for clients with accounts in Switzerland, due to fears that such staff could be detained by the authorities across the border, media reports said.

The move follows the disclosure that authorities in Düsseldorf, the capital of the German state of North Rhine-Westphalia, have purchased stolen data with the names of 1,100 Credit Suisse clients in Germany with Swiss accounts. The Düsseldorf authorities said they would pursue Credit Suisse staff suspected of helping Germans hide assets and avoid paying tax.

“We have made it very clear to relationship managers they must never assist clients evading tax,” the Financial Times quoted Andres Luther, a Credit Suisse official, as saying. “For some years, we have had very clear rules and regulations on travel. In the current environment, we have become very restrictive regarding travel to Germany.”

To read the full story, visit wealthbriefing.com

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