Credit Suisse's Secret Past: New Nazi Links Uncovered

A Senate probe revealed 890 undisclosed accounts at Credit Suisse with potential Nazi ties. The investigation, led by U.S. lawyer Neil Barofsky, highlights the bank's complicity in World War Two crimes. UBS, which acquired Credit Suisse in 2023, reinitiates the review, aiming for transparency.

A new Senate investigation has revealed 890 undisclosed accounts at Swiss bank Credit Suisse, potentially linked to Nazi organizations during World War Two, according to U.S. Senator Chuck Grassley. The probe aims to uncover the bank's involvement in wartime financial activities that facilitated Nazi operations.

U.S. lawyer Neil Barofsky, hired by UBS to investigate Credit Suisse following an emergency takeover in 2023, testified about the bank's extensive financial relationships with the Nazis, including the expropriation of Jewish-held funds and support in Nazi officials' escapes to Argentina.

UBS expressed regret for this grim chapter in Swiss banking history, committing to transparency and full cooperation with the investigation. A final report on the findings is expected by year-end, potentially shedding light on unresolved issues from the World War Two era.

(With inputs from agencies.)