Swiss finance minister upbeat on Credit Suisse prospects

SF Urban Properties AG

14/12/2022 05:56

ZURICH, Dec 14 (Reuters) - Swiss Finance Minister Ueli
Maurer is confident that Credit Suisse's  CSGN.S  turnaround
efforts will succeed and told broadcaster SRF Switzerland needed
two big banks.
    "I am of the opinion that CS will turn the corner. It is
very important for Switzerland that we have two big banks for
the Swiss financial centre and the Swiss business centre," he
said in an interview late on Tuesday.
    "And we have an interest in having a stable, strong CS again
in the future. I am quite confident that this will succeed," he
said.
    Switzerland's second-biggest bank has raised 4 billion Swiss
francs ($4.31 billion) in fresh capital and is scaling back
dramatically to get back on solid ground after a series of
losses and risk-management failures.
    Asked if Switzerland -- which bailed out UBS  UBSG.S  during
the financial crisis -- could do the same for Credit Suisse,
Maurer said: "That is not a prospect at the moment and there is
no reason for discussion." 
    Credit Suisse had acted to solve its problems, he said,
adding: "You just have to leave them alone for a year or two
now."
    ($1 = 0.9288 Swiss francs)
 (Reporting by Michael Shields
Editing by Paul Carrel)
 ((Michael.Shields@thomsonreuters.com; +41 41 528 3630; Reuters
Messaging: michael.shields.thomsonreuters.com@reuters.net))