The Credit Suisse banking group has decided to sell part of its business in the area of trusts in subsidiaries located in the Bahamas, Guernsey and Lietchestein.
The decision was made known on Tuesday through a statement that clearly expresses Credit Suisse’s desire to detach itself from the past, with the sale of its business in tax havens.
The financial conglomerate will divest itself “of its Credit Suisse Trust (CST) unit. One part is bought by the firm Butterfield (the business in Singapore, Bahamas and Guernsey) and another part by the Gasser law firm, which will keep the rest of the business of the Credit Suisse division to manage it from Liechtenstein”, as they have indicated to the media.
The scandals of recent years about the use of “shell companies” to evade taxes that have involved Credit Suisse led to this decision.
For the Swiss bank, 2022 should be a year of transition towards a more transparent performance, away from lawsuits and lawsuits that cause collateral damage.
On the other hand, Credit Suisse aspires to a restructuring, amid rumors of possible purchase or dissolution of the group. In any case, they are currently focused on reducing legal risks.
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