Credit Suisse Group AG agreed to pay $475m and forgive $200m Mozambique owes to investors in coordinated settlements with US and European authorities over loans the bank made in the country.

A subsidiary of the Swiss bank pleaded guilty to wire fraud conspiracy charges in New York federal court on 19 October. Credit Suisse, which previously had maintained it was a victim of rogue employees, admitted to defrauding investors who bought some of the debt and agreed to pay $275m to resolve both a criminal probe by the Justice Department and a civil investigation by the Securities and Exchange Commission.