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The Savoy on Paradeplatz: the most expensive address in Switzerland
Photo: Ulysses / agefotostock / IMAGO
The Swiss National Bank (SNB) already has the crisis-ridden Credit Suisse in its sights.
"We are monitoring the situation," said SNB board member Andrea Maechler on Wednesday.
Now it is known that the major Swiss bank intends to part with its posh Hotel Savoy in the center of Zurich.
"Credit Suisse reviews its real estate portfolio on a regular basis as part of its global real estate strategy," said a spokeswoman for Credit Suisse.
"The bank has decided to initiate a sales process for the Hotel Savoy."
Founded in 1838, the traditional Savoy Hotel Baur en Ville is located on Paradeplatz, the center of the Swiss financial center.
It is the most expensive address in Switzerland.
According to the broadcaster SRF, the object should be worth around 400 million francs (around 411 million euros).
Credit Suisse and its major bank competitor UBS also have their headquarters on Paradeplatz. The hotel is currently being renovated and will be operated by the Mandarin Oriental Group in the future.
Offer to hotel billionaire Bechtolsheimer?
The exact background to the sale is unclear.
However, doubts about the stability of Credit Suisse spread on social media had pushed the institute's shares to an all-time low on Monday - and caused the loan default insurance to shoot up.
According to the finance portal "Inside Paradeplatz", which was the first to report on the planned sale, the Savoy is said to have been offered for sale to hotel billionaire Götz Bechtolsheimer.
So far there has been no confirmation that the offer to the grandson of the German-Swiss businessman Karl-Heinz Kipp has been made.
Analysts currently see no danger that the bank will get into difficulties.
Nevertheless, several experts expect that Credit Suisse should bolster its balance sheet, among other things to be able to finance the expected exit from parts of investment banking.
Andrea Maechler from the SNB Governing Board said on Wednesday about the situation at Credit Suisse: "You are working on a strategy that is to be published at the end of October."
Apr/Reuters
