Swiss watchdog reviews Credit Suisse chairman’s quarantine violation

Economy1 hour ago (Dec 09, 2021 09:21)

© Reuters. FILE PHOTO: Lloyds Chief Executive Antonio Horta-Osorio speaks at the British Chambers of Commerce annual meeting in central London, Britain, February 10, 2015. REUTERS/Stefan Wermuth/File Photo/File Photo

ZURICH (Reuters) -Swiss financial supervisor FINMA is in touch with Credit Suisse (SIX:CSGN) about a coronavirus quarantine violation by its chairman, the watchdog said on Thursday.

“We are in contact with the bank regarding the matter,” a spokesperson said in response to an enquiry, declining further comment.

Chairman Antonio Horta-Osorio broke COVID-19 rules during a recent visit to Switzerland by leaving the country during a 10-day quarantine period, Switzerland’s second-largest bank had said on Wednesday.

The bank said it “regretfully acknowledged” the breach, which occurred when Horta-Osorio entered the country on Nov. 28 during a time when 10-day quarantine rules applied, but exited the country three days later.

The incident is embarrassing for Horta-Osorio, who has made compliance and risk management a top priority after a series of expensive bungles at the group.

“I unintentionally violated Swiss quarantine rules by leaving the country prematurely on December 1. I sincerely regret this mistake. I apologize and will ensure that this does not happen again,” he had said in an statement.

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