Credit Suisse agrees to pay £234m to France to settle tax evasion and money laundering probe

Credit Suisse has agreed to pay France 234 million pounds to settle a tax evasion and money laundering case. A troubled Swiss bank is believed to have urged wealthy French clients to transfer their assets to Switzerland.

French authorities accused Credit Suisse of encouraging wealthy clients in France to open bank accounts in Switzerland between 2005 and 2012, which were then beyond the reach of French tax authorities.

Credit Suisse will this week announce a strategy aimed at ending years of scandals and losses that have undermined confidence. Last week, the company agreed to pay £438 million to settle a case involving the sale of mortgage-backed securities.