Beautiful Virgin Islands

Friday, Jun 09, 2023

"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."
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

Beautiful Virgin Islands
Close
0:00
0:00
The Fed fixing the economy
I have a dream, MLK inspiring speech
Corporations standing up for “LGDP-LGT-LBG-LGBTQ2+ kids” during ‘Pride Month’ be like:
Aretha Franklin, Marvis Staples - Oh Happy Day
A Major Ukrainian Hydroelectric Dam BLOWN UP
BVI Freedom Song
US and European Intelligence Agencies Uncover Evidence of Ukrainian Role in Terror Attack on Nord Stream Pipeline
Billy Preston - You Can't Beat God Giving (Live)
The driver has been described by authorities as a 21-year-old woman from Tallahassee
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Joe Biden falls at the Air Force Graduation
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
America's Got Talent…
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Drone Attack on Moscow's Wealthiest Neighborhoods Suspected to be Launched by Ukraine
Hello Dolly
AI ‘extinction’ should be same priority as nuclear war – experts
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Prominent Hacker Forum RaidForums Suffers Substantial Data Breach
Bob Marley - Get Up Stand Up
Nvidia CEO Huang says firms, individuals without AI expertise will be left behind
Yes He Can
WPP Revolutionizes Advertising with NVIDIA's AI Powerhouse
What A Friend We Have In Jesus
Two US Employees Fired For Chasing Robbers Out Of Store As They Broke ''Company Policy''
Unforgettable
If you donated to BLM, you got played
Touch The Hem Of His Garment
Pfizer, the EU, and disappearing ink - Smoke, Mirrors, and the Billion-Dose Pfizer Vaccine Deal: EU's 'Open Secret
The Lord's Prayer
Actor Tom Hanks told Harvard University graduates to be superheroes in their defense of truth and American ideals, and to resist those who twist the truth for their own gain
THE GOD MOVEMENT...BEAUTIFUL BVI
The Sussexes' Royal Rebound: Could Harry and Meghan Markle Return to the UK?
Siyahamba
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
France Arrests 10 on Suspicion of Failing to Respond in Time to Migrant Drowning
Ramblin' Rose
Neuralink Receives FDA Approval for First-in-Human Clinical Study
Protoje - Who Knows ft. Chronixx
Is Saudi Arabia the holiest place in the world? Ancient Hebrew Inscriptions from "The Mount Sinai Stand" Discovered in Saudi Arabia
Pressure - Virgin Islands Nice
Ukrainian Intelligence Official Admits to Assassination Attempts on Putin
Phil Wickham - House Of The Lord
WATCH THIS: democracy in Russia is so bad!
My God Is Real (Yes, God Is Real)
Ed Davey: It is possible for a woman to have a penis
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products
Louis Armstrong - When The Saints Go Marching In
Russian’s Wagner Group leader: “I am not a chef, I am a butcher. Russia is in danger of a revolution like in 1917.”
Kanye West Sunday Service - hallelujah, salvation, and glory
TikTok Sues Montana Over Law Banning the App
Jonathan Nelson - I Believe (Island Medley
Ron DeSantis Jumps Into 2024 Presidential Race, Setting Up Showdown With Trump
From The Virgin Islands Sqad Up
Steve Jobs introducing Apple's iPhone, exactly 16 years ago.
Common, John Legend - Glory
Banking Behemoth vs Ex-Boss: The PMorgan-Epstein Entanglement
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
China overtakes Japan as world's top car exporter
I have a dream, MLK inspiring speech
Last Walmart in North Portland Closing Down
Aretha Franklin, Marvis Staples - Oh Happy Day
Banking Behemoth vs Ex-Boss: The PMorgan-Epstein Entanglement
BVI Freedom Song
Florida's DeSantis seeks to disqualify judge in Disney case
Billy Preston - You Can't Beat God Giving (Live)
Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Biden Administration Eyeing High-Profile Visits to China: The Biden Administration is heating things up by looking into setting up a series of top-level visits to Beijing by top officials in the coming months
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
New evidence in special counsel probe may undercut Trump’s claim documents he took were automatically declassified
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
A French court of appeals confirmed former President Nicolas Sarkozy's three-year jail term for corruption and influence peddling
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Debt Ceiling Crises Have Unleashed Political Chaos
Hello Dolly
Weibao Wang, a former software engineer at Apple, was charged with stealing trade secrets related to autonomous systems, including self-driving cars
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
Bob Marley - Get Up Stand Up
Elon Musk compares George Soros to Magneto, the supervillain from the Marvel Comics series.
Yes He Can
Warren Buffett Sells TSMC Shares Over Concerns About Taiwan's Stability
What A Friend We Have In Jesus
New Study Finds That Secondary Bacterial Pneumonia Is a Major Cause of Death in COVID-19 Patients Who Require Ventilator Assistance
Unforgettable
×