June 18, 2020 / 4:55 AM / 22 days ago

Credit Suisse, UBS favourably placed to handle COVID-19 impact - SNB

ZURICH, June 18 (Reuters) - Economic and financial conditions for the Swiss banking sector have deteriorated markedly as the COVID-19 pandemic roiled markets and halted economic activity, the Swiss National Bank said on Thursday, but big banks UBS and Credit Suisse are favourably placed to manage challenges.

“The simultaneous deterioration in the economic situation in all regions of the world, together with the unusually high level of uncertainty, poses significant challenges for the two globally active Swiss banks, Credit Suisse and UBS,” the central bank said in its 2020 financial stability report.

“However, their solid capital base puts them in a favourable position to face these challenges,” it added. (Reporting by Brenna Hughes Neghaiwi; editing by Thomas Seythal)

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