Credit Suisse to pay €238m to settle French tax fraud case

Swiss banking giant Credit Suisse has agreed to pay the French government €238m in a tax fraud settlement deal (Keystone/Gaetan Bally/AP)

Credit Suisse has agreed to pay €238 million to settle tax fraud allegations, French prosecutors have said, in the latest blow for the embattled Swiss bank.

The bank will pay €123m in fines and €115m in damages and interest to France, whose investigators will close an inquiry launched in 2016 on possible charges of aggravated tax fraud laundering and illegal soliciting, French prosecutor Jean-Francois Bohnert said in a statement.