ZURICH (Reuters) – Temporary nationalization was never a realistic option for beleaguered Swiss lender Credit Suisse, former finance minister Ueli Maurer told Swiss newspaper Sonntagszeitung. , defended his response to the Swiss banking crisis.
“The country is suddenly going to have to run a globally active bank that is dirty and litigious everywhere. How will that work?” Maurer said, with the central bank reportedly backing it. He talked about the options available.
Maurer is known for his hands-off approach to Credit Suisse ahead of the Swiss bank's collapse, and for saying in December 2022 that “we just need to leave it alone for a year or two.'' exposed to criticism.
Credit Suisse was acquired by UBS last June, creating a Swiss banking and wealth management giant with a $1.6 trillion balance sheet.
“Credit Suisse could have solved this problem on its own,” Maurer said of the bank's problems, saying that responsibility for the bank lies first with the management, then with the board of directors and the auditors. He added that the onus is on the government, financial regulators and financial institutions. Swiss National Bank.
Maurer, who served as finance minister until retiring at the end of 2022, said bankruptcy was unlikely and “UBS got a good deal.”
“The bank (Credit Suisse) had so much capital that it was clear that there was interest from third parties,” he said.
Maurer also said he would still like to see Switzerland have two major banks, but that a final solution, an acquisition by UBS, would be the best option.
“In this context and this history, I question whether it would have been a good idea to keep Credit Suisse as an independent bank,” he said.
(Reporting by Noele Illien; Editing by David Goodman)
