The private banking arm of Credit Suisse, Switzerland's second-largest bank by assets after rival UBS, has placed Sfr478mn (€393mn) in litigation provisions in response to legal actions from US and Germany concerning tax evasion.

Disclosed in its third quarter results, announced today, Credit Suisse said it had recorded: "Sfr295m in connection with the US tax matter in Private Banking", and "Sfr183m in connection with the resolution of the German tax matter."