At least 890 in the Swiss bank with possible links to the regime, unknown until now, identified a relevant investigation revealed the US Senator Chuck Grassley, ahead of a hearing of the Judiciary Committee, with the object of the role of the banks in facilitating the .
These include previously undisclosed World War II accounts belonging to the German Foreign Ministry, a German weapons systems company and the German Red Cross, the senator added.
Grassley, who chairs the commission and has followed the Credit Suisse investigation for years, noted that UBS — which acquired Credit Suisse in 2023 as part of an emergency bailout — announced last year that it was working with former U.S. Attorney Neil Barowski to uncover accounts with Nazi connections held by its former rival.
Both UBS and Credit Suisse have apologized and reached a global settlement in 1999 that ended the claims and closed the dispute, the bank said in a draft of its testimony before the Senate Judiciary Committee, describing the current investigation as a voluntary initiative.
Grassley told reporters he has received two reports and one progress update on the progress of Barowski’s investigation.
All SS finances at Credit Suisse
According to the evidence obtained from the investigation, Credit Suisse’s banking relations with the SS, the Nazi paramilitary organization, were more extensive than previously known. According to Grassley citing the records, the SS finance section maintained an account at the bank.
At the same time, new evidence emerged about a plan that facilitated the escape of the Nazis to Argentina, he added.
UBS said it accepts and deeply regrets that the World War II period is a dark page in the history of Swiss banking.
“We approach today’s matter with respect and seriousness,” said Robert Karofsky, president of UBS’s US division, according to the text of his statement.
In acquiring Credit Suisse, UBS was fully committed to getting the investigation back on track and has since taken extensive steps to facilitate Barofsky’s investigation, Karofsky said.
“Now, with three years of experience, our priority is to complete the investigation so that the world can benefit from the findings of the final report that is expected,” he added.
According to aides of the Senate Judiciary Committee, the investigation is expected to be completed by the beginning of the summer, while the final report is expected to be released at the end of the year.
