05 Oct Security
Due to the current limited number of English-language readers, we take the liberty of translating the following text by software only.
Security
Credit Suisse has been causing a stir time and again for several months. While the share was still quoted at around CHF 10 at the beginning of the year, it has fallen to below CHF 4 at times in recent days, following a significant slump at the end of September.
Although Credit Suisse Schweiz AG is considered a rock-solid bank, the Avanea Pension Fund Board of Trustees decided to take a closer look at the current situation and the risks. Various opinions were obtained and discussed, such as those of the controller, the asset manager and the management.
At the extraordinary meeting on 4 October 2022, the Foundation Board decided to transfer most of the liquid assets to another bank as an immediate measure. Only a small part of the liquidity will be left with Credit Suisse for the time being, in order to be able to guarantee the operational business of Avanea PF on the one hand and to be able to ensure the greatest possible security for the insured persons’ money on the other.