Islands key as Credit Suisse tackles crunch

Monday 28th April 2008, 2:30PM BST.

We remain an important hub for the group, said Roy McGregor, Credit Suisse’s chief executive for the Channel Islands. (0356265)

GUERNSEY remains a key hub for Credit Suisse as the group loses billions due to the credit crisis.

The Swiss bank’s losses were due to problems in international credit markets. It has suffered a net loss of $2.1bn. in the first quarter of 2008, compared to a profit of $2.7bn. in the same period last year.

Chief executive Brady Dougan described the results as ‘clearly unsatisfactory’ and declined to give a clear outlook on the future, according to the Financial Times. In Guernsey, chief executive for the Channel Islands Roy McGregor said its banking, trust and fund business continued to grow and attract new clients.