Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

"Embrace New Reality": Credit Suisse Reassures Hong Kong Clients

"Embrace New Reality": Credit Suisse Reassures Hong Kong Clients

Executives at the event from the troubled Swiss lender were eager to offer reassurances, even as details of the takeover by Swiss giant UBS remained unclear and global markets were buffeted by fears for the banking industry.
Days after it was rescued in an emergency buyout, Credit Suisse gathered hundreds of clients in an upscale Hong Kong hotel on Tuesday for a glitzy investment conference where they were told to "embrace the new reality".

Executives at the event from the troubled Swiss lender were eager to offer reassurances, even as details of the takeover by Swiss giant UBS remained unclear and global markets were buffeted by fears for the banking industry.

UBS agreed on Sunday to a government-brokered deal to take over Credit Suisse for $3 billion Swiss francs ($3.25 billion), a move authorities say was vital to prevent further economic turmoil.

Chairman Axel Lehmann and CEO Ulrich Korner cancelled their scheduled appearances at the event in the Chinese finance hub.

That left Head of Global Equities Neil Hosie to welcome corporate clients at Hong Kong's Conrad Hotel, overlooking the city's famed Victoria Harbour.

A Credit Suisse executive at the event told AFP Hosie did not speak about company prospects during his closed-door welcome speech and took no questions.

A brief statement was released to the media in which Hosie said: "The (conference) represents Credit Suisse at its best."

"For 26 years, it has been our privilege to present powerful perspectives on the themes that matter most."

Organisers in Hong Kong announced the event would no longer be open to the media after the weekend's crunch talks at the Swiss finance ministry to decide the bank's fate.

A security guard tried to block an AFP reporter from taking photographs within the hotel, saying the event was private.

The three-day event, in its 26th and potentially final iteration, was meant to discuss how investors can adapt to slower growth and elevated tensions in Asia, according to the company.

The lineup of guest speakers includes British adventurer Bear Grylls, who will speak on overcoming fears, building mental resilience and how "our mindset affect(s) our success in business".

City leader John Lee said on Tuesday Hong Kong would not be significantly affected by the Credit Suisse fallout and that the lender's business and assets in the city were relatively small.

"The banking system in Hong Kong is very resilient and very properly regulated," Lee said at a regular news briefing.

Lee had been scheduled to address the conference but was replaced by another Hong Kong finance official.

'Don't sense panic'

While Credit Suisse prepares for life under new management, its Hong Kong clients were told to "embrace the new reality and thrive", according to promotional materials prepared well before the weekend's events.

The event is expected to draw more than 1,600 institutional investors from more than 200 companies, including 84 Chinese firms, according to the bank.

A crowded lunch buffet and lively conversations in hotel hallways on Tuesday betrayed few signs that anything was amiss.

Clients at the event were "by and large supportive" of the bank and have confidence in the takeover, according to the Credit Suisse executive.

"They are not worried about any problems because this (merger) has the backing of the Swiss government," he said.

A conference attendee representing a Chinese firm told AFP news about the acquisition had been encouraging.

"I don't sense a panic here," said the executive, who declined to be identified because he was not authorised to speak to the media.

"But this is a good reminder to prepare ourselves and keep our options open."
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×