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Credit Suisse has reached a settlement agreement of €238m (£207m) to pay France after claims that it broke money laundering laws with clients in Switzerland, according to the Financial Times.
The settlement involved no admission of guilt from Credit Suisse, who said in a statement that it was “pleased to resolve this matter”. Sanctions imposed included a €123m (£107m) penalty and €115m (£100m) in damages and interest payments due to the state.
It is the latest case to be resolved from a series of European investigations into undeclared Swiss bank accounts. Prosecutors have previously settled similar claims with HSBC and are pursuing penalties in court against UBS in France.
The bank is reportedly preparing to unveil a major overhaul under chief executive Ulrich Körner on Thursday.
It has been accused by French authorities of encouraging wealthy clients in France to set up bank accounts in Switzerland between 2005 and 2012, which were then out of reach of French tax authorities.
