Credit Suisse wants to deepen ties to insurance companies, it chairman said. He cited a Chinese company as a success story to replicate.
The Swiss bank's chairman, Urs Rohner, said Credit Suisse will clinch more partnerships with insurers, in an interview with Swiss weekly «SonntagsZeitung» (behind paywall, in German). «There are good examples abroad of how insurance and banking services can be merged, such as Ping An in China.»
The Chinese financial services giant is active in insurance, banking, and asset management. Rohner's remarks come amid renewed interest by banks in cross-selling via insurers, as witnessed by UBS' launch of a mortgage solutions offering with reinsurer Swiss Re last month.
Wealthy Brand Value
Credit Suisse's big bid at bancassurance ended in 2006 when it sold insurance unit Winterthur to Axa for 12.3 billion Swiss francs ($13.5 billion). Rohner, who leaves Credit Suisse in April, said future tie-ups could include insurance, credit cards, or events.
«Working with third parties is interesting, but we always have to be careful to protect the strength of our brand,» Rohner said. «This is particularly important for very wealthy customers.» He also voiced confidence that his succession planning would culminate in a «good solution in a timely fashion,» without elaborating.
