Cross-border tax crackdowns on offshore money
could lead to outflows of CHF25-35bn ($250-350bn) from Credit
Suisse’s over the next few years.

Speaking at the Barclays Global Financial
Services Conference in New York, Credit Suisse finance chief, David
Mathers, said that the bank had already seen CHF32bn in net
outflows from mature offshore markets in the three and half year
since the start of 2009.

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Mathers said that this outflow was due, in part, to tax
disputes.

Net outflows of CHF32bn already
seen

Almost CHF8bn of outflows in the first half of
2012 were due to the bank’s integration with Zurich-based private
bank, Clariden Leu, the senior executive disclosed.

However, the development of international
booking centres has more than offset this outflow of client assets
from mature offshore markets.

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Mather said international booking centres have
pulled in almost CHF100bn in net new assets in the same three and
half year period since the start of 2009.