Hundreds of Nazi-linked accounts discovered at Credit Suisse, US lawmaker says

An investigation has identified 890 accounts at Swiss lender Credit Suisse with potential Nazi links, US Senator Chuck Grassley said ahead of a Judiciary Committee hearing on Tuesday on banks' facilitation of the Holocaust.

These included previously undisclosed wartime accounts for the German Foreign Office, a German arms manufacturing company, and the German Red Cross, added the lawmaker, who chairs the committee and has followed the investigation into Credit Suisse for years.

UBS, which acquired Credit Suisse in an emergency takeover in 2023, said last year it was working with former US prosecutor Neil Barofsky to shed light on Nazi-linked accounts held at its former competitor.

Both UBS and Credit Suisse have apologised and reached a global settlement in 1999 that provided finality from claims and closure of controversy, the bank said in a pre-release of its testimony before the Senate Judiciary Committee, characterising the current investigation as a voluntary initiative.

Grassley has received two reports and an investigative update on the status of Barofsky's investigation, the lawmaker told reporters.

The review produced evidence that Credit Suisse's banking relationships with the Nazi's paramilitary organisation SS were more extensive than previously known, with the SS's economic arm maintaining an account at the bank, Grassley said, citing the records.

New details had also emerged on a scheme to help Nazis flee to Argentina, Grassley added.

UBS said it accepts and deeply regrets that the World War Two era was a dark period in the history of Swiss banking.

"We approach today’s topic with solemn respect," Robert Karofsky, President of UBS Americas, said according to the script.

When taking over Credit Suisse, UBS fully committed to getting the investigation back on track and has since taken extensive steps to facilitate Barofsky's review, Karofsky said.

"Now, with three years of experience, our priority is to complete this review so that the world can benefit from the findings in the coming final report."

The investigation is set to conclude by early summer, according to Senate Judiciary Committee aides, and a final report expected at the end of the year.