Swiss Finance Minister Backs Credit Suisse To Recover

Date

12/15/2022 2:09:47 PM

(MENAFN- Swissinfo) Credit Suisse has raised CHF4bn from the markets to help its recovery. © Keystone / Ennio Leanza

Outgoing Swiss Finance Minister Ueli Maurer believes the country's second-largest bank, Credit Suisse, can battle back from a string of scandals and trading losses.

This content was published on December 15, 2022 - 15:29 December 15, 2022 - 15:29 swissinfo.ch/mga

Credit Suisse is undergoing a major restructuring by shedding 9,000 jobs and parts of its investment banking business.

Speaking to Swiss public broadcaster SRF, Maurer said:“I am of the opinion that Credit Suisse will turn the corner. It is very important for Switzerland that we have two big banks for the Swiss financial centre and the Swiss business centre.”

Credit Suisse is one of Switzerland's biggest banks covering wealth and asset management, retail and investment banking and deemed, along with UBS and others, as 'too big to fail' by the financial regulator.

“I think you actually hear good news from Credit Suisse now. They adopted a clear, new strategy, and are implementing that which leads to a massive cost reduction,” said Maurer.

The bank has seen clients withdraw assets and its share price has remained in the doldrums since announcing its new strategy in October.

“You just have to leave them alone for a year or two now,” said Maurer.

Credit Suisse has also raised CHF4 billion ($4.3 billion) in fresh funding from the markets, including the Saudi National Bank.

Maurer will retire as Swiss finance minister at the end of this year.

MENAFN15122022000210011054ID1105315379

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.