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November 1, 2022

Credit Suisse chairman allays rumours of takeover bids

Credit Suisse Group is not going to entertain any move to sell-out its businesses, the bank’s chairman Axel Lehmann told Bloomberg Television in an interview.

So far this year, Credit Suisse’s share price dropped by more than half, leading the wealth manager to get itself exposed to takeover rumours and apprehensions over its wellbeing.

Lehmann said: “We are going to thrive again, so we don’t have any takeover discussions.

“We want to stay independent.”

The comment comes after the troubled Swiss bank announced its overhauling plan last week.

It also follows a plan where Credit Suisse has selected a group of around 20 banks to raise $4bn capital to support its revamp.

The planned $4bn capital raise scheme will help the bank to bolster its presence and back its reorganisation that seeks to trim the loss-making investment bank, among others, said Lehmann.

Lehmann added: “Going forward, Credit Suisse is really a wealth management-centric franchise, centered around entrepreneurs, wealthy clients.

“We are a wealth manager, and asset management goes alongside.”

He further noted that Credit Suisse has plans to enhance its footprint in major Latin America, Asia Pacific and Middle East markets.

Affirming his confidence on the fate of Credit Suisse, Lehmann said that the bank can strike a deal to sell majority of a securitised-products trading business next week.

A group headed by private equity company Apollo Global Management is the bidder of the deal.

Credit Suisse could continue to receive revenues from the business, added Lehmann.

Separately, Credit Suisse is considering expanding its business in China, with plans to recruit highest number of employees in the country and Hong Kong across Asia, the bank’s Asia Pacific chief executive in Singapore Edwin Low told Reuters.

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