Credit Suisse CEO dismisses European financial institution mergers as ‘answer’ By –

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© -. FILE PHOTO: CEO Thiam of Swiss financial institution Credit Suisse addresses the corporate’s annual shareholder assembly in Zurich

ZURICH (-) – Mergers should not one of the best ways to assist Europe’s banks take care of unfavourable rates of interest, Credit Suisse (SIX:) Chief Executive Tidjane Thiam stated in an interview revealed on Sunday.

“That is just not the answer,” Thiam informed Swiss newspaper Blick am Sonntag. “Negative rates of interest have created a particularly troublesome setting, the place many banks have come below long-term strain. A merger right here would repair nothing.”

UBS Chief Executive Sergio Ermotti stated final month after Germany’s Deutsche Bank (DE:) and Commerzbank (DE:) known as off merger talks that consolidation within the European banking business stays inevitable.

However, Thiam stated he didn’t suppose that both of Switzerland’s two largest banks, UBS and Credit Suisse, would turn into takeover targets. The failed merger talks between Germany’s two largest lenders prompted hypothesis of offers with different European banks, together with UBS.

Thiam stated within the interview he was not criticizing the insurance policies of the Swiss National Bank (SNB), which has used unfavourable charge to weaken the Swiss franc.

“I’m solely saying that unfavourable charges have a unfavourable impact on the financial system,” he stated.

Thiam, who has led Credit Suisse since 2015, stated its most important issues have now been settled and the financial institution had made nice strides in decreasing prices by know-how.

The former minister in his native Ivory Coast additionally dominated out a return to politics, saying a change of jobs was not on the playing cards and he was planning “for the long run”.

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