Swiss sweep

Chairman troubles add to Credit Suisse nightmare

Credit Suisse is on the lookout for a new chairman after Lukas Mühlemann bowed to shareholder pressure to split his role as chief executive and chairman. He has been blamed for the slide in Credit Suisse’s share price. Industry commentators have suggested that head of Suisse Re, Walter Kielholz, could be drafted in. The troubled financial services group is surrounded by takeover rumours, with Citigroup, UBS and Deutsche Bank being touted as likely buyers. UBS spokesman Christophe Meyer poured cold water on suggestions that his organisation was in the running: “We feel perfectly comfortable with our existing platform.”

UBP makes a subsidiary out of rival DBTC Family-owned Union Bancaire Privée (UBP) has acquired rival Swiss wealth manager Discount Bank and Trust Company (DBTC). The deal adds E14bn to UBP’s E40bn of assets. Spokesman Michael Wyler said UBP’s new subsidiary was complementary, since DBTC is a conservative house, while UBP is more aggressive.

Tax information not so ‘normal’ in Switzerland Swiss banks have come under renewed pressure for transparency from the EU. Taxation commissioner Frits Bolkestein has threatened Switzerland with financial sanctions unless it agrees to hand over information on EU citizens suspected of criminal offences and to impose tax of the savings of EU residents. Mr Bolkestein said: “We are asking the most normal thing in the world from the Swiss.”