The Strategist

Credit Suisse chairman resigns over quarantine breach

01/17/2022 - 10:24

Credit Suisse's chairman resigned after it was discovered that he had twice breached quarantine rules.

Swiss Credit Suisse chairman Antonio Horta-Osorio has resigned after an investigation commissioned by the board found that he had twice breached quarantine rules imposed because of COVID-19, the bank said in a statement.

"I regret that a number of my personal actions have led to difficulties for the bank and have compromised my ability to represent it internally and externally. I therefore believe that my resignation is in the best interests of the bank and its shareholders at this critical time," Horta-Osorio said. 

 Axel Lehmann has been appointed as the bank's new chairman of the board.

In early December, the second-largest Swiss bank "regretfully admitted" that Horta-Osorio had violated epidemiological restrictions: he entered Switzerland on November 28 and flew to the Iberian Peninsula three days later, although he was supposed to spend 10 days in quarantine. Horta-Osorio then apologised for his 'mistake', calling it unintentional. 

In late December, it was revealed that this was not the banker's first breach of anti-covid rules. A preliminary investigation by the bank revealed that Horta-Osorio had attended the Wimbledon tennis final during a visit to the UK in July 2021, even though the country's rules required him to serve a quarantine, sources told Reuters.


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