GENEVA (AFP)--Credit Suisse (CS) has bought back some collapsed Lehman Brothers funds from clients for nearly 100 million Swiss francs ($88 million dollars) after acknowledging that some customers were overexposed, the Swiss bank said Sunday.

"We made an offer to about 2,000 clients and bought back Lehman products for nearly CHF100 million," Walter Berchtold, head of private banking at Credit Suisse, told the NZZ am Sonntag newspaper. "Only 11 clients turned down this offer."

A spokesman for Switzerland's second biggest bank, Jan Vonder Muehll, confirmed the amounts to AFP and said the cost was booked in the 2008 third- quarter accounts.

The buyback offer was only aimed at "capital-protected" Lehman products Credit Suisse sold to those with less than CHF500,000 at the bank and 50% or more of those assets invested in such products.

Vonder Muehll declined to disclose what proportion of clients who invested in Lehman products were affected by the offer. The buyback was made at the nominal price of the collapsed funds, he added.

The bank said overall 0.3% of its clientele had funds invested with the now bankrupt U.S. bank. Credit Suisse has about one million customers in Switzerland and 2.5 million worldwide, Vonder Muehll said.

In the newspaper interview, Berchtold said despite giving advice about risk, in some instances Credit Suisse assembled "too high a concentration" of Lehman Brothers products, leading to losses that were "too great" for certain clients with the U.S. bank's "unexpected collapse".

"For these (clients) we swiftly found a helpful solution," he added.

Credit Suisse said just after the Wall Street icon's collapse in September that it was holding discussions with clients to whom it had sold Lehman Brothers-backed structured products. But it had ruled out repaying any losses.

Swiss media reported last year that small local investors were persuaded by Credit Suisse advisors to put their money in "capital-guaranteed" Lehman products without being informed that the funds were only guaranteed by the issuer - Lehman Brothers.

Hong Kong's market watchdog said Friday that a leading local brokerage had agreed to fully refund a total of 85 million Hong Kong dollars ($11 million) to 300 investors who bought so-called minibonds backed by Lehman Brothers, after accusations of misselling.