Credit Suisse President resigns after violating quarantine rules

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Antonio Horta-Osório: "My resignation at this point in the interests of the bank"

Photo: Andy Rain / dpa

The Board of Directors of Credit Suisse has announced the resignation of its Chairman Antonio Horta-Osório with immediate effect following reports of quarantine violations.

The chief supervisor of the major Swiss bank, António Horta-Osório, was replaced by the Swiss Axel Lehmann with immediate effect after an investigation by the board of directors, according to a statement from the institute on Monday night.

The Portuguese-British dual national took over the post last year and made a serious faux pas on November 28: After a trip from Great Britain to Zurich, he should have been in quarantine for ten days, but the top banker left the country after three Days again in a private jet. The newspaper Blick made the case public. A day later, the bank said Horta-Osório had reported himself.

In the announcement of the change in personnel at the top of the Board of Directors, the resigned chief supervisor was remorseful: “I regret that some of my personal actions have led to difficulties for the bank and have impaired my ability to represent them internally and externally.

I have therefore come to the conclusion that my resignation at this point in time is in the interests of the bank and its stakeholders.« And: "I have therefore come to the conclusion that my resignation at this point in time is in the interests of the bank and its stakeholders."

Major shareholders backed Horta-Osório at the end of December

Horta-Osório had previously apologized for unintentionally violating quarantine regulations on December 1.

According to insiders, Credit Suisse then launched an investigation into the behavior of the chairman of the board of directors – and later investigated a second alleged violation.

At the end of December, major shareholders had backed Horta-Osório.

In response to the double debacle at Credit Suisse involving the Archegos hedge fund and the Greensill funds, the former Lloyds CEO had taken up the cause of reforming the bank's risk management and culture.

According to the announcement, the bank's board of directors is to propose Lehmann for election as chairman of the board at the general meeting on April 29.

"With our new strategy, we have set the right course and will continue to anchor a stronger risk culture across the entire bank," said Lehmann.

»I am convinced that by executing our strategic plan in a disciplined and timely manner, we can find renewed strength and create sustainable value for our stakeholders.«

Switzerland had imposed the quarantine rule for arrivals from some countries in November.

It was in effect at the time of Horta-Osório's flight from the UK, but has since been lifted.

Apr/Reuters/dpa