- Embattled Swiss bank Credit Suisse ( NYSE: CS ) is raising deposit rates in a bid to woo its wealthy clients in Asia and recover from outsized outflows in Q4, Bloomberg reported Thursday, citing people familiar with the move.
- Credit Suisse ( CS ) American Depository Receipts, meantime, slid as much as 9.3% to new all-time lows of $2.72 earlier in the session. The ADRs have since pared those losses, changing hands at $2.79.
- The lender is now offering three-month rates of 6.5% for deposits of $5M or above in Asia, vs. 5.5% in December 2022, marking a premium on rivals such as UBS Group ( UBS ), JPMorgan ( JPM ) and Citigroup ( C ), the people told Bloomberg .
- A slew of banks other than Credit Suisse ( CS ) have been raising deposit rates slowly vs. lending rates -- despite global monetary tightening -- perhaps in an effort to avoid a funding gap in which the spread between banks' lending and deposit rates narrows.
- Previously, (Feb. 23) Apollo Global ( APO ) likely to invest $750M in Credit Suisse's spinoff First Boston .
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Credit Suisse hikes deposit rates to win back wealthy clients in Asia - report