Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Credit Suisse Unit Punished




TOKYO -- Japanese financial regulators said Thursday they will revoke the banking license of Credit Suisse Financial Products for obstructing official investigations and offering inappropriate products to clients.


Financial regulators also ordered a partial suspension of Tokyo operations at four other CS Group units.


The revocation of the Credit Suisse units' banking license was among the harshest penalties imposed on a financial firm in Tokyo, analysts said.


The penalties, which were in line with expectations, signaled the regulators' resolve to tighten control on foreign firms at a time when Tokyo's markets are opening up to competition, they said.


"CSFP's Tokyo branch as an organization evaded and obstructed investigations and offered extremely inappropriate products to clients, in view of their disclosed financial position, in large volumes and on a repeated basis," the Financial Revitalization Commission said in a statement.


"Although the group believes that the sanction is disproportionate to the criticized conduct, it will comply with the sanction," Credit Suisse said in a statement.