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Post-Brexit passporting loss could hit 15-20% of Credit Suisse London volumes, says CEO

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Post-Brexit passporting loss could hit 15-20% of Credit Suisse London volumes, says CEO

Credit Suisse GroupAG CEO Tidjane Thiam said the Swiss bank has no plans to reduce itsfootprint in the U.K., even if the country loses its passporting rights to theEU, Bloomberg News reported Sept. 28.

"We are relatively in a reasonable position," Thiam said whendiscussing how the lender would cope with Brexit in an interview with thenewswire.

The loss of passporting, which enables financial institutions anywhere inthe EU to conduct business swiftly and easily across the bloc, would hitvolumes at Credit Suisse's London business by between an estimated 15% and 20%,he added.