Credit Suisse closes private banking in Panama

Credit Suisse retired from private banking activities in Panama: the local advisory units, which includes about twenty employees, will be closed, indicated a spokesman for the bank, confirming a news released by the Swiss portal Finews financial news.

According the press officer, withdrawal from the Central American country had long planned and therefore is not a decision following the Panama scandal Papers, confidential documents on popular offshore company last April.

The closure in Panama is rather seen as part of a restructuring of operations in Latin America, "an important growth region," the spokesman continued. Credit Suisse fact expanding its presence in other countries, especially in Brazil and Mexico. For Panama customers will change little: they will involve other units of Credit Suisse, particularly in Switzerland.

Finews argues that the assets managed by Credit Suisse in Panama decreased by only 40% in 2015. According to Panama Papers, Credit Suisse is among the most active institutions in creating offshore companies. The bank has always maintained that everything was done legally and the chairman of the management Tidjane Thiam said in the company in question is only money declared to the tax authorities.