Inflows of new money slowed at the private banking business of Credit Suisse in the fourth quarter, said the bank's head of private banking.
"There were inflows in the fourth quarter," said Walter Berchtold. "But we noticed that many clients had to pay back loans. That slowed the inflow of new money," he said in an interview with NZZ am Sonntag.
Credit Suisse – Switzerland's second-largest bank that operates both in investment banking and wealth management – has gained market share at home, while rival Swiss bank UBS struggles. Credit Suisse had bought back almost CHF100 million (Dh318m) in products of failed US investment bank Lehman Brothers from clients. From the 2,000 clients offered the buyback, only 11 had declined. Clients with assets of up to CHF500,000 and a concentration of Lehman products of 50 per cent or more in their portfolios would receive compensation.