Credit bank has confirmed that it is set to close its private banking operations in Panama . Despite the initial reports revealing Credit Suisse Channel Islands Limited as one of the largest facilitators of offshore companies , a spokesperson for Switzerland 's second largest bank has reported that the closure of the Panama branches had been delayed for a long time . The closure has reportedly been conducted to streamline the banks operations throughout # ##pe in an effort to strengthen its private banking and asset management presence in Brazil and Mexico .
Credit Suisse has confirmed that it is set to close its private banking operations in Panama. Despite the Panama Papers revealing Credit Suisse Channel Islands Limited as one of the largest facilitators of offshore companies, a spokesperson for Switzerland's second largest bank has reported that the closure of the Panama branches had been planned for a long time. The closure has reportedly been conducted to streamline the banks activities throughout Latin America in an effort to strengthen its private banking and asset management presence in Brazil and Mexico.