ZURICH, Dec 17 (Reuters) – Zuercher Kantonalbank (ZKB.UL) will not be making an attempt to poach shoppers from embattled Credit score Suisse (CSGN.S), the state-backed cantonal financial institution’s chief government mentioned in a newspaper interview revealed on Saturday.
Amid a social media storm that sparked unfounded hypothesis about its stability, Credit score Suisse reported sharp outflows in October as rich shoppers moved property elsewhere, though its chairman has mentioned the scenario has since stabilised.
ZKB CEO Urs Baumann instructed the Neue Zuercher Zeitung his financial institution was not actively approaching Credit score Suisse shoppers and mentioned ZKB was not utilizing its state backing as a advertising software amid such market jitters.
“We intentionally don’t try this. We’re one of many most secure banks on the planet even with out a state assure. Firstly, the state assure is settled and secondly, it could possibly be taken away from us. Due to this fact, we handle the financial institution in such a means that we will survive with out it,” he instructed the paper.
Requested wouldn’t it imply for the Swiss banking sector and for ZKB if issues at Credit score Suisse intensified, he mentioned:
“We wish a robust CS. It’s a good and dependable associate for us and is especially necessary for the company banking enterprise in Switzerland. We couldn’t deal with many transactions on our personal.”
Reporting by Michael Shields; Modifying by Angus MacSwan
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