Silver lining for Julius Baer Group from Credit Suisse collapse
Resolution of crisis shows strength of Swiss banking system. But bank chief says there must be ‘convergence of terms’ around bank AT1 perpetuals
THE Credit Suisse crisis and its rapid resolution over a weekend in March are testament to the strength of the Swiss wealth management and banking system, says Julius Baer Group chief executive Philipp Rickenbacher.
Credit Suisse’s collapse and its subsequent acquisition by UBS present Julius Baer with a silver lining: It has become the second largest listed Swiss bank by market capitalisation.
Rickenbacher, who was recently in Singapore, said the crisis and its subsequent impact on bank perpetuals – or Additional Tier 1 (AT1) issuance – should not cause clients to lose confidence in the Swiss banking system.
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