Switzerland needs another major local bank: Swatch CEO

NICK Hayek, the head of Swatch Group, said he regrets the loss of Credit Suisse as it will open Switzerland to more foreign lenders.

The watchmaker is now working more closely with smaller cantonal banks such as Zurcher Kantonalbank, Hayek said in an interview with newspaper SonntagsBlick.

“With the decision to give up the Credit Suisse brand, UBS has now opened the doors to players from abroad. We need at least two banks,” Hayek told the newspaper.

UBS Group should have listed Credit Suisse, retained a 30 per cent to 40 per cent ownership and asked major Swiss companies such as Swatch, Schindler Holding and EMS-Chemie Holding to take stakes for the rest, he said.

Still, the UBS takeover of Credit Suisse was the best solution as a bank “with weak leadership would have fallen victim to speculators”, noted Hayek.

Hayek said he was pleased that Sergio Ermotti had returned to lead the combined banks as “he is Swiss and understands our culture”. BLOOMBERG