ZURICH – Zuercher Kantonalbank is just not making an attempt to poach shoppers from embattled Credit score Suisse, the state-backed cantonal financial institution’s chief government stated 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 belongings elsewhere, though its chairman has stated the state of affairs has since stabilised.
ZKBCEO Urs Baumann instructed the Neue Zuercher Zeitung his financial institution was not actively approaching Credit score Suisse shoppers and stated ZKB was not utilizing its state backing as a advertising instrument amid such market jitters.
“We intentionally don't do this. We're one of many most secure banks on this planet even with out a state assure. Firstly, the state assure is settled and secondly, it might be taken away from us. Due to this fact, we handle the financial institution in such a means that we are able to survive with out it,” he instructed the paper.
Requested would it not imply for the Swiss banking sector and for ZKB if issues at Credit score Suisse intensified, he stated:
“We would like a powerful CS. It's a good and dependable accomplice for us and is especially essential for the company banking enterprise in Switzerland. We couldn't deal with many transactions on our personal.”
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