Credit Suisse "Will Not Discuss Company Sale"

"Will Prosper Again... No Discussions on Acquisition"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Yu Je-hoon] Axel Lehmann, the CEO of Credit Suisse, a Swiss investment bank (IB), stated that the company will not be sold.

Axel Lehmann, Chairman of the Board of Credit Suisse, said in an interview with Bloomberg TV in Hong Kong on the 1st, "We (Credit Suisse) will thrive again, so there will be no discussions about a (potential) acquisition."

Credit Suisse was engulfed in bankruptcy rumors last year after investments in the UK’s Greensill Capital and Korean-American investor Bill Hwang’s Archegos Capital failed. In response, the company announced a restructuring plan and took measures such as attracting investments from the Saudi National Bank (SNB) and others.

Additionally, Credit Suisse decided to focus on asset management and wealth management sectors, separating the IB division as "CS First Boston." Chairman Lehmann said regarding this, "Credit Suisse will become a franchise centered on asset management targeting entrepreneurs and high-net-worth individuals."

Meanwhile, regarding the investment from Saudi capital, Chairman Lehmann expressed, "We are pleased to secure investors like SNB," adding, "SNB is a public-private institution, and the Saudi region is also a growing area."

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