Beautiful Virgin Islands

Tuesday, Sep 17, 2024

"Embrace New Reality": Credit Suisse Reassures Hong Kong Clients

"Embrace New Reality": Credit Suisse Reassures Hong Kong Clients

Executives at the event from the troubled Swiss lender were eager to offer reassurances, even as details of the takeover by Swiss giant UBS remained unclear and global markets were buffeted by fears for the banking industry.
Days after it was rescued in an emergency buyout, Credit Suisse gathered hundreds of clients in an upscale Hong Kong hotel on Tuesday for a glitzy investment conference where they were told to "embrace the new reality".

Executives at the event from the troubled Swiss lender were eager to offer reassurances, even as details of the takeover by Swiss giant UBS remained unclear and global markets were buffeted by fears for the banking industry.

UBS agreed on Sunday to a government-brokered deal to take over Credit Suisse for $3 billion Swiss francs ($3.25 billion), a move authorities say was vital to prevent further economic turmoil.

Chairman Axel Lehmann and CEO Ulrich Korner cancelled their scheduled appearances at the event in the Chinese finance hub.

That left Head of Global Equities Neil Hosie to welcome corporate clients at Hong Kong's Conrad Hotel, overlooking the city's famed Victoria Harbour.

A Credit Suisse executive at the event told AFP Hosie did not speak about company prospects during his closed-door welcome speech and took no questions.

A brief statement was released to the media in which Hosie said: "The (conference) represents Credit Suisse at its best."

"For 26 years, it has been our privilege to present powerful perspectives on the themes that matter most."

Organisers in Hong Kong announced the event would no longer be open to the media after the weekend's crunch talks at the Swiss finance ministry to decide the bank's fate.

A security guard tried to block an AFP reporter from taking photographs within the hotel, saying the event was private.

The three-day event, in its 26th and potentially final iteration, was meant to discuss how investors can adapt to slower growth and elevated tensions in Asia, according to the company.

The lineup of guest speakers includes British adventurer Bear Grylls, who will speak on overcoming fears, building mental resilience and how "our mindset affect(s) our success in business".

City leader John Lee said on Tuesday Hong Kong would not be significantly affected by the Credit Suisse fallout and that the lender's business and assets in the city were relatively small.

"The banking system in Hong Kong is very resilient and very properly regulated," Lee said at a regular news briefing.

Lee had been scheduled to address the conference but was replaced by another Hong Kong finance official.

'Don't sense panic'

While Credit Suisse prepares for life under new management, its Hong Kong clients were told to "embrace the new reality and thrive", according to promotional materials prepared well before the weekend's events.

The event is expected to draw more than 1,600 institutional investors from more than 200 companies, including 84 Chinese firms, according to the bank.

A crowded lunch buffet and lively conversations in hotel hallways on Tuesday betrayed few signs that anything was amiss.

Clients at the event were "by and large supportive" of the bank and have confidence in the takeover, according to the Credit Suisse executive.

"They are not worried about any problems because this (merger) has the backing of the Swiss government," he said.

A conference attendee representing a Chinese firm told AFP news about the acquisition had been encouraging.

"I don't sense a panic here," said the executive, who declined to be identified because he was not authorised to speak to the media.

"But this is a good reminder to prepare ourselves and keep our options open."
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Starmer Interested in Italy's Albania Asylum Plan: Meloni
Traffic to be Banned from London's Oxford Street under Sadiq Khan's Plan
Sky Betting & Gaming Reprimanded for Data Misuse
Ex-BBC Anchor Huw Edwards Sentenced Over Indecent Images of Children
UN Chief Criticizes Israel's Collective Punishment of Palestinians
High School Dropout Turned Billionaire and Space Tourist
FBI Investigates Assassination Attempt on Trump in Florida
A History of Assassination Attempts on US Leaders
UK Drops Harvey Weinstein Indecent Assault Charges
David Lammy Defends Political Donors Funding Clothing for UK Leaders
Starmer Pressured to Distance UK from Italy’s Immigration Approach
UK Airport Expansion Plans Amid Controversy
Columnists Resign from Jewish Chronicle Over Fabricated Gaza Articles
Jeremy Corbyn Advocates for New Leftwing Party
Successful Splashdown of SpaceX Polaris Dawn After Pioneering Private Spacewalk
UK Royal Family Extends Birthday Wishes to Prince Harry
Switzerland Unveils Alps, a High-Speed Supercomputer for AI
Hong Kong Criticizes UK Lawyers for UN Appeal on Behalf of Jimmy Lai
Keir Starmer Accused of Breaking Rules Over Party Donor Gifts
Poorest Families in UK Forced to Sleep on Floors Due to Lack of Beds
Ed Davey Urges Immediate NHS Investment
Staff Overwhelmed Due to New Child-to-Staff Ratio Rules in English Nurseries
US and UK Alarmed Over Potential Iran-Russia Nuclear Collaboration
Father Convicted of Rape Stripped of Parental Responsibility
Van Gogh's 'Sunflowers' Series Displayed Together for the First Time in London
Queen Elizabeth II Statue Sparks Debate in Northern Ireland
Prince Harry Turns 40 Amid Royal Family Estrangement
British Policing Minister's Bag Stolen at Police Conference
UK To Implement Junk Food Ad Ban to Combat Childhood Obesity
UK Prime Minister Keir Starmer Visits US for Talks with President Biden
‘Living Nostradamus’ Fulfills Four Predictions, Foresees More Events
AI's Role in Changing Belief in Conspiracy Theories
Russia and Ukraine Exchange 206 Prisoners in UAE-Brokered Deal
Gisele Pelicot: From Survivor to Feminist Icon
Royal Navy's First 'Narco-Sub' Drug Seizure in the Caribbean
Northern Lights Illuminate Skies Over the UK
Citizens' Jury Supports Change in Assisted Dying Law
Russia Can End the War Now, Says PM as Putin Warns West
SpaceX Polaris Dawn Crew Makes History With First Private Spacewalk
Jon Bon Jovi Heroically Rescues Woman on Nashville Bridge
Fragmented EU Defence Industry Needs Urgent Coordination
Keir Starmer Accused of Concealing Impact of Winter Fuel Payment Cuts on Pensioners
Keir Starmer Urged to Publish Winter Fuel Payments Impact Assessment
Ex-CIA Officer Sentenced to 10 Years for Espionage
UK Economy Stalls for Second Consecutive Month
Downing Street to Begin Search for New Cabinet Secretary
UK Government Introduces Bill to Ban Rental Bidding Wars
Scottish Opposition Questions Cuts to Free School Meals and Rail Fares
NHS Delays in England Cause Thousands of Unnecessary Deaths, Inquiry Reveals
NHS Restricts Obesity Services across England, Investigates BMJ
×