UBS CEO Says Conditions at Credit Suisse Have 'Stabilized'
12 Maio 2023 - 10:14AM
Dow Jones News
By Pierre Bertrand
UBS Chief Executive Officer Sergio Ermotti said that he thinks
Credit Suisse isn't seeing outflows anymore and that conditions at
the Swiss Bank have stabilized since March's banking turmoil.
Credit Suisse, which is being absorbed by peer UBS to save it
from collapse, saw customer deposits decline by 67 billion Swiss
francs ($74.94 billion) and saw CHF61.2 billion in net asset
outflows in the first three months of the year, the bank reported
on April 24, saying at the time that such outflows had moderated
but hadn't reversed.
But Mr. Ermotti told attendees of the Swiss Media Forum on
Friday that he didn't think outflows were continuing and that the
situation at the bank has stabilized.
He also told the forum in Lucerne that UBS was on schedule to
close its acquisition of Credit Suisse within three months from its
March 19 agreement to acquire the bank. He added that he hopes the
conditions at Credit Suisse leading up to the events in March would
be examined.
Mr. Ermotti's comments were first reported by Reuters and
confirmed to Dow Jones Newswires by a UBS spokeswoman. The
spokeswoman wouldn't comment further.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
May 12, 2023 08:59 ET (12:59 GMT)
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