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Credit Suisse faces penalties over Mozambique loan deals

Associated Press

ZURICH (AP) — Credit Suisse has announced settlements with British, Swiss and U.S. authorities in connection with loans provided to state companies in Mozambique years ago. The Swiss regulator said late Tuesday that the top-drawer bank had “seriously violated” anti-money-laundering requirements in the case. The Zurich-based bank said it expects to take a $230 million charge in the third quarter. The bank said the U.S. settlement involved around $275 million and it plans to pay a penalty of about $200 million and forgive $200 million worth of loans to Mozambique’s government in an arrangement with British regulators.


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