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Credit Suisse's Biggest Shareholder Dismisses Activist's Plan

  • Bank’s strategy is showing ‘real signs of success,’ Herro says
  • Activist investor Bohli has ‘hardly any skin in the game’
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Credit Suisse Investor Herro Opposes Activist Plan

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Credit Suisse Group AG’s biggest shareholder on Tuesday dismissed a proposal by a small Swiss activist investor to break up the country’s second-largest bank, saying the current strategy is beginning to pay off.

Swiss hedge fund manager Rudolf Bohli, whose RBR Capital Advisors has taken a 0.2 percent stake in Credit Suisse, has “hardly any skin in the game,” David Herro, who says his Harris Associates holds 9 percent of the Swiss bank, said by email. The current plan to turn around the bank is working and just needs more time, he said in a subsequent interview.