According to sources, the troubled Credit Suisse is in the process of exploring a sale of the Mandarin Oriental Savoy Zurich.
The news was first reported by the Swiss finance blog Inside Paradeplatz, which also reports that the hotel could be worth around 400 million Swiss francs.
It was reported that Credit Suisse reviews its property portfolio on a regular basis as part of its global real-estate strategy. “As part of this process, the bank has decided to start a sales process for the Hotel Savoy building,” a bank’s spokewoman was quoted as saying.
Meanwhile, Credit Suisse’s Hong Kong-based managing director and deputy head of M&A for Asia-Pacific Christopher Chua is leaving the bank to help oversee the Asia mergers and acquisitions business at HSBC.
Another key person has resigned from Credit Suisse to join BNP Paribas Wealth Management as the market leader for Hong Kong, Luke Chiu the managing director and China market leader.