What a terrible year for Credit Suisse! In the third quarter, more than 4 billion Swiss francs were lost. The major bank announced a radical restructuring with new Saudi capital. However, this did not reassure investors. Stocks continued to fall.
So the big moment for bargain hunters speculating about CS takeover? “We’re going to be successful again, so there are no takeover talks,” Chairman Axel Lehmann, 63, told Bloomberg TV in Hong Kong on Monday. And he claims: “We want to remain independent.”
“Rock solid” bank thanks to new money
Concerns about the stability of the bank are inappropriate. The capital increase of CHF 4 billion makes the bank “solid as a rock”. With fresh money, substantial restructuring can now be accomplished.
“In the future, Credit Suisse will be an asset management company focused on entrepreneurs and wealthy clients,” Lehmann also told Bloomberg. It wants to continue growing in key markets of Latin America, Asia-Pacific and the Middle East. (pbe)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
