Credit Suisse sells off bricks and mortar

Credit Suisse’s great Zurich property sell-off continues unabated with another landmark building coming under the hammer this month. The Zurich-headquartered bank has sold five properties in its home city – a move that has confounded some critics. The latest building holds a prestigious address: Bahnhofstrasse 32. It was once home to Bank Leu (founded 1755) before the venerable private bank was bought by Credit Suisse. Despite spending CHF20 million renovating the Leuenhof in 2007, Credit Suisse now deems the address surplus to requirements. A triple-digit million franc figure has been agreed with new buyer Swiss Prime for the building. Credit Suisse said the sale had been driven by “overcapacities” at Leuenhof and the fact that “clients prefer to be accommodated at Paradeplatz [the bank’s main Zurich address].” But previous property divestments were powered by demands from the Swiss financial regulator for Credit Suisse to boost its capital buffer against future ...