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.
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.
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.