Credit Suisse customers leave for ZKB
2022.12.17 12:26
Credit Suisse customers leave for ZKB
Budrigannews.com – In an interview with a newspaper that was published on Saturday, the chief executive of the state-backed cantonal bank stated that Zuercher Kantonalbank is not attempting to steal customers from the troubled Credit Suisse.
Although Credit Suisse’s chairman has stated that the situation has since stabilized, the bank reported significant outflows in October amid a social media storm that sparked unfounded speculation regarding its stability.
According to the Neue Zuercher Zeitung, ZKB CEO Urs Baumann stated that ZKB was not using its state backing as a marketing tool in the midst of such market jitters. He also stated that ZKB was not actively approaching Credit Suisse clients.
“We don’t do that intentionally. Even without a state guarantee, we rank among the world’s safest banks. The state guarantee has been settled, but it may also be taken away from us. As a result, “we manage the bank in a way that allows us to survive without it,” he explained to the newspaper.
When asked what it would mean for ZKB and the Swiss banking industry if Credit Suisse’s problems got worse, he said:
More Credit Suisse responsible for reconstruction-Swiss Bank
“We need a competent CS. It is particularly significant for the corporate banking industry in Switzerland because it is a trustworthy and good partner for us. We were unable to independently manage many transactions.
