In Asia, several ultra-wealthy clients continued to cut back their exposure amid the tumult this week.
In the Middle East, some customers asked the bank to convert cash deposits into Treasury bills and bonds. And in Germany, a wealth manager received inquiries from Credit Suisse clients looking to shift deposits to his firm.
Such attrition, if widespread, will make the overhaul that chief executive Ulrich Koerner and his team are overseeing that much harder.
Stemming the months-long exit of clients is critical to righting the battered Swiss bank, which saw net outflows hit 110.5 billion Swiss francs (S$160 billion) in the fourth quarter.
The bank has consistently said it has sufficient liquidity, a position the backstop only strengthens.
It is not yet clear what the overall flows are or whether the backstop is helping attract clients back.
STEMMING OUTFLOWS
Bankers are calling clients to reassure them, primed with talking points sent out by executives or communicated at town halls.
The lender is offering deposit rates that are significantly higher than its rivals' to win back funds, Bloomberg reported earlier in March.
But some ultra-wealthy families booking out of Asia accelerated their retreat from the Swiss bank this week, according to three large single family offices that collectively manage billions and multiple private bankers based across Hong Kong and Singapore.
One family office in the region is planning to cut back as much as 30 per cent of its money parked with the embattled bank after the wealth manager was unable to assure it that non-Swiss clients would be protected in the event of a collapse, one of the people said.
This story is from the March 18, 2023 edition of The Straits Times.
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This story is from the March 18, 2023 edition of The Straits Times.
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