At the maneuver for this seduction operation, the head of global equities, Neil Hosie, in the absence of the president of Credit Suisse and the general manager Ulrich Körner who canceled their participation in this conference, closed to the press.
The motto of this event, “embracing the new reality and thriving”, according to the brochures prepared weeks ago, took on new meaning.
Initially, this three-day event was to be an opportunity to discuss ways to adapt to weaker growth and significant tensions in Asia, according to the bank.
The turmoil in the banking sector, shaken by the bankruptcy of the American establishment Silicon Valley Bank (SVB), and the emergency takeover of Credit Suisse by UBS for a pittance, decided otherwise.
After intense negotiations this weekend, the leading Swiss banking group agreed on Sunday to buy out its rival in difficulty, with significant guarantees from the Swiss government.
The amount of the takeover of Credit Suisse, which has been going through an intense phase of turbulence since the beginning of last week, amounts to 3 billion Swiss francs (3.02 billion euros), payable in UBS shares, for a bank which was worth almost triple Friday at the close of trading.
From the US Treasury to the European Central Bank (ECB), the takeover was welcomed by those who feared a further runaway in financial markets. In the aftermath, the world’s most powerful central banks announced coordinated action to improve access to liquidity.
On Tuesday, these large-scale operations seemed to begin to bear fruit: the markets and the banks rebounded and the action Credit Suisse came out of the water.
According to Credit Suisse, more than 1,600 investors from more than 200 companies, including 84 Chinese are expected at this seminar.
Don’t panic here
Few signs betrayed any tension among the many guests around the buffet or in the corridors of the Conrad Hotel.
Customers showed “overwhelmingly” their support and confidence in the success of the takeover operation, told AFP a Credit Suisse official who wished to remain anonymous.
“I don’t sense panic here,” he added. “They are not worried about any problem” because this operation “has the guarantee of the Swiss government”.
A representative of a Chinese group also told AFP that the news surrounding the acquisition was encouraging.