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Report on Panama papers discloses 10 banks that sought most offshore companies

The10 banks that requested the highest number of offshore companies fromPanama-based law firm Mossack Fonseca are all European, according to a reportfrom the International Consortium of Investigative Journalists, which is one ofthe organizations with direct access to more than 11.5 million files.

Thebanks are Experta Corporate &Trust Services SA, a subsidiary of ,Banque J. Safra Sarasin(Luxembourg) SA, a subsidiary of J. Safra Sarasin Holding Ltd., 's CreditSuisse Channel IslandsLtd., HSBC HoldingsPlc's HSBC Private Bank (Monaco) SA and ,UBS Group AG's UBS AG(Succ. Rue du Rhône), Coutts& Co.'s Coutts & Co. Trustees (Jersey) Ltd., 's SociétéGénérale Bank & Trust Luxembourg, Landsbanki Luxembourg SA and ,belonging to Rothschild &Co.

Nearly 15,600 shell firms were created by Mossack Fonseca onbehalf of more than 500 banks, their subsidiaries and branches, the ICIJ reportnoted. HSBC and its affiliates created more than 2,300 offshore companies intotal through Mossack Fonseca, according to the ICIJ.

Previousleaks from Mossack Fonseca to SüddeutscheZeitung triggered German investigators to raid the offices of in early 2015over tax evasion suspicions,according to a Feb. 25, 2015, report by the publication.