(MENAFN- Swissinfo)
UBS CEO Sergio Ermotti predicts a positive outcome of the Credit Suisse takeover. © Keystone / Urs Flueeler
A crippling bank run that forced Credit Suisse into the arms of its main Swiss banking rival has ended, according to UBS CEO Sergio Ermotti.
This content was published on May 12, 2023 May 12, 2023 swissinfo.ch/mga Wealthy Credit Suisse clients withdrew CHF110 billion ($123 billion) in the last three months of last year and a further chf60 billion in the first quarter of 2023.
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The crisis of confidence in Switzerland's second largest bank forced the emergency chf3 billion takeover by UBS in March.
Speaking at the Swiss Media Forum in Lucerne on Friday, Ermotti said the wealth outflow“situation has stabilised” at Credit Suisse.
A large chunk of the escaping funds appears to have flown to UBS coffers. UBS reported inflows of chf28 billion in the first quarter of this year, but it's unclear where Credit Suisse clients sent the remaining funds.
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