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Credit Suisse collapse hits Migros

Wednesday, 29 March 2023 06:30

Migros

The retail giant Migros says the collapse of Credit Suisse has cost its pension fund CHF 110m.

The Chief Financial Officer, Isabelle Zimmermann, told a press conference in Zurich the company had to write off CHF 100m in bonds and CHF 10m in cash.

But pensioners need not to worry too much – the amount is less than half of one percent of the total. 

She added there was also a small loss on the company’s general investment portfolio.

Meanwhile the CEO of UBS, Ralph Hamers, says the takeover of Credit Suisse is an opportunity and added they didn’t take over Switzerland’s second bank just to close it down. 

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