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C.Suisse to pass client names to French regulator

Published 07/01/2009, 08:19 AM
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(Corrects to remove references in first bullet point, first paragraph and sixth paragraph linking Credit Suisse's move in respect of clients holding French securities to compliance with a tax treaty. The bank said the two events were unrelated.)

* Affects French nationals holding French securities

* Bank to seek client authorisation

ZURICH, July 1, (Reuters) - Swiss bank Credit Suisse said on Wednesday it will pass the names of clients holding French securities to the French markets authority.

Partly confirming an article in Swiss daily Le Temps, a Credit Suisse spokesman said the bank, one of the world's biggest wealth managers, has sent a letter to French clients holding French stocks or bonds.

The letter sought authorisation to pass on information to the Autorite des Marches Financiers (AMF), the financial markets regulator, he said.

On Tuesday the U.S. Justice Department said it was pressing ahead with a lawsuit against Swiss rival UBS AG to force the bank to identify thousands of U.S. clients with secret UBS accounts.

The Credit Suisse spokesman said Le Temps' assertion that the bank would hand over clients' details to French tax authorities was wrong, although the tax authorities could access the data from the AMF if required as part of a criminal investigation.

The newspaper quoted a Credit Suisse letter to relevant clients dated June 24 as saying those who refused to be identified or who did not reply before September 1 would have their French securities sold at the prevailing market price.

(Reporting by Martin de Sa'Pinto; editing by John Stonestreet)

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