Credit Suisse sees maximum $94 mln hit from UK tax deal

The Swiss Bankers Association, the lobbying body for Swiss banks, said implementation of the agreement is on track, and that fewer untaxed assets had come to light than originally assumed.

"This is mainly due to the fact that many clients have resident non-domiciled status. These clients are not liable to taxation in the UK and thus do not fall under the agreement," the SBA said in a statement.

The SBA said numerous UK clients had chosen to make voluntary disclosure to the tax authorities, which the association said was not surprising given Switzerland's announced adoption of a global standard for the automatic exchange of information.

Credit Suisse said the after-tax impact of 90 million francs would be recognised in its second quarter 2013 results.

As part of a withholding tax agreement between the two countries which came into force this year, Swiss banks funded a 500 million franc pool to guarantee client payments above a minimum 800 million francs to meet their tax obligations.

Credit Suisse said it would bear 20 percent of the total cost, while rival UBS will pay a little over that level.