“We are not in a position to comment on the matter, pending investigations. It is our policy to actively cooperate with all the relevant authorities,” media reports quoted the Zurich-listed bank as saying.

WealthBriefing is in contact with in Asia about the matter; it had not responded to a request for comment at the time of going to press.

The female banker has been fired by Credit Suisse, who had joined the firm in 2006, having previously worked at Citibank.

According to another report, by The Straits Times (of Singapore), it said police are investigating the matter and that the customer has been informed.

Credit Suisse was the third-largest private bank in the Asia-Pacific region last year after UBS and Citi Private Bank, with $117 billion of client assets.

Another report said the dismissal of the banker comes after a four-month investigation by the city-state's authorities. It marks a rare case of alleged embezzlement in wealth management in Singapore.

The issue is particularly serious as Singapore prides itself on being a corruption-free jurisdiction with a strong enforcement of the rule of law.