Credit Suisse, UBS have boosted capital positions: SNB

Credit Suisse, UBS have boosted capital positions: SNB

FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) – Switzerland’s biggest banks, UBS and Credit Suisse, have improved their capital positions but must strengthen their crisis planning, the Swiss National Bank said on Thursday, citing conclusions of financial watchdog FINMA.

“The Swiss big banks Credit Suisse and UBS have slightly improved their capital situation overall, in spite of the moderate deterioration in economic and financial conditions”, the central bank said in its 2019 financial stability report.

“According to FINMA, further efforts by the big banks are required, to demonstrate that systemically important functions can be maintained without interruption in a crisis.”

Reporting by Brenna Hughes Neghaiwi, editing by John Miller

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