Swiss banking giant Credit Suisse has confirmed that Italian tax police have raided it Milan offices last month as part of a probe into whether subsidiaries of the bank aided wealthy Italians hide undeclared cash.
"We can confirm that the Guardia di Finanza has conducted searches at our premises in Milan and that we are cooperating fully with the authorities," a Credit Suisse spokesman said.
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Media reports suggest that the searches focused primarily on alleged tax evasion by around 1,000 Italians involving an estimated EUR8bn.
The Liechtenstein-based insurance subsidiary of Credit Suisse, called Life and Pensions, and Bermuda-based CS Life alleged to have offered insurance products that probe agencies believe allowed clients to stash funds offshore.
The development comes amid reports that the Swiss and Italian governments are set to reach a deal on the exchange of data on Swiss bank accounts held by Italians.
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