Credit Suisse has reached an agreement with the Italian authorities to end an investigation. The bank will pay a fine for its practice to help Italian clients transfer assets offshore to avoid paying taxes.

An Italian court this week agreed to a deal between Credit Suisse (CS) and the Italian authorities, «Reuters» reported. CS will pay 109.5 million euros for helping Italian customers evading taxes.

The payment is made up of a fine amounting to 8.5 million euros and 101 million euros in taxes, late payment interest and penalties, the news agency said. The latter payment had been agreed in October.

Fraudulent System

CS and the Milan-based prosecutors negotiated the settlement in the past weeks. The bank had been accused of an infringement against its administrative responsibilities. Italian prosecutors have been investigating the bank, Switzerland's No. 2, since 2014.

The company was accused of having helped transferring untaxed assets belonging to Italian clients to offshore accounts using a fraudulent system including a set of specific insurance policies. The 13,000 clients involved had assets transferred amounting to some 14 billion euros.