Back to all announcements

Credit Suisse chief dismisses tax pact collusion

Swiss banks have not been helping their rich customers by undermining a tax pact with Germany, Credit Suisse's chairman has insisted.

Financiers in Switzerland have recently faced allegations that they have advised wealthy clients to move their funds elsewhere in order to avoid being taxed under the terms of a new agreement between the two European countries, Reuters reports.

However, Credit Suisse chief Urs Rohner has dismissed this notion on the grounds that a banking strategy to aid tax dodgers is both "economically stupid" and "morally unacceptable".

During a conference held yesterday, Mr Rohner labelled the accusations that companies have advised consumers to move their money out of Switzerland to other financial centres such as Singapore as "clearly unfounded".

"Recent statistics on money flows will show you it's actually the other way around," he added.

This comes shortly after the Financial Times reported that Credit Suisse is set to relocate dozens of workers from its offices in Singapore to Poland and India in order to cut costs.

By Claire Archer