Credit Suisse chairman: 'truly sorry' for bank's demise

Record ID: 1719018

  • Title: Credit Suisse chairman: 'truly sorry' for bank's demise
  • Date: 4th April 2023
  • Summary: VOORSCHOTEN, NETHERLANDS (APRIL 4, 2023) (REUTERS) VARIOUS OF DERAILED TRAIN (SOUNDBITE) (English) SPOKESPERSON FOR DUTCH FIRE DEPARTMENT, ANNEMARIE MOEIJES, SAYING: “There’s been an accident, as you said, there’s some materials - some working materials - on the track. There’s also a freight train which has some damage, but the major damage is on the passenger trai
  • Embargoed: 18th April 2023 11:52
  • Keywords: Credit Suisse UBS bankruptcy general assembly merger
  • Location: ZURICH, SWITZERLAND
  • City: ZURICH, SWITZERLAND
  • Country: Switzerland
  • Topics: Company News Markets,Europe,Economic Events
  • Reuters ID: LVA004268404042023RP1
  • Aspect Ratio: 16:9
  • Story Text: Credit Suisse's chairman CSGN.S apologized on Tuesday (April 4) for taking the Swiss bank to the brink of bankruptcy, as he faced shareholder fury over the demise of the once proud flagship.
    The hastily arranged takeover by Zurich-based UBS UBSG.S, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders, who would otherwise have had a say, and all but wiped them out.
    Its final meeting of shareholders on Tuesday marks an ignominious end to the 167-year-old bank founded by Alfred Escher, a Swiss magnate affectionately dubbed King Alfred I, who helped to build the country's railways and then the bank.
    Protesters gathered outside the concert venue where the meeting took place, with some erecting a capsized boat to depict the bank's demise.
    Inside, chairman Axel Lehmann issued an apology, saying he had run out of time to turn the bank around, despite his belief "until the beginning of the fateful week" that it could survive.
    After years of scandal and losses, Credit Suisse came to the brink of collapse before UBS rode to the rescue with a merger engineered and bankrolled by the Swiss authorities.
    (Production: Pierre Albouy, Cecile Mantovani)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2023. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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