Swiss Banking News: September 2008

25.09.2008 Recently, the Chairman of the Swiss Bankers Association (SBA), Pierre Mirabaud, made a speech aimed to silence numerous EU critics and to end mounting foreign pressure that was held at the 95th General Assembly of the Swiss Bankers Association in the Stade de Suisse in Bern. In his speech, Mirabaud defended Switzerland's position on banking secrecy and his belief in bank-client confidentiality. He stated that protecting privacy was a fundamental human need. He also noted that Switzerland will not deviate from the principle of treating foreigners and native citizens alike. He said that financial privacy is firmly rooted in Switzerland and it is not a risk for Switzerland and its financial centre.

16.09.2008 It was announced that he pension fund of Dutch retailer Ahold has awarded the alternative investment business of Credit Suisse (http://swiss.all-offshore-banking.net/swiss-bank-account/credit-suisse) in the Benelux an EUR 140 million private equity fund of funds investment mandate.
Eric Huizing, Ahold Pension Fund's Director of Investments, commented: that "The leading position of Credit Suisse in the private equity investment field and the experience of their team made them a natural choice for this mandate" He also noted that this also helps Ahold get more exposure in the European and US private equity markets.
The mandate will enable Ahold Pension Fund to create its "tailor-made" private equity programme, while he Customized Fund Investment Group of Credit Suisse will offer its help and expertise and act as the manager of this mandate.