Nestle Plans To Review Banking Relationships Following Credit Suisse Downfall: Report

Nestle ADR NSRGY reportedly plans to review its banking relationships following the takeover of Credit Suisse Group CS by UBS Group AG UBS.
The food group was a client of Credit Suisse, Nestle Chief Executive Officer Mark Schneider told broadcaster TeleZueri in an interview, reported Reuters.
Also Read: 'Rich Dad Poor Dad' Author Predicted Problems At Lehman Brothers And Credit Suisse, Now Has New Prediction About Donald Trump
"We have worked closely with Credit Suisse for many decades in a spirit of trust," said Schneider.
"You can see from such an example that Switzerland as a business location and a financial center are very closely linked. We now have to see how to reorganize our banking relationships, both with Swiss and international providers."
He called the intervention of Swiss government, the central bank and financial market regulator to have restored confidence among investors.
Regarding Nestle, Schneider said the company had made a good start to 2023.
Schneider noted that a further price hike by the maker of Nescafe instant coffee and KitKat chocolate bars is likely to offset cost pressure.
"We will continue to do this in a responsible way, we don't want to be a price driver. We respond to inflation, we don't fuel it," he said in the interview.
The food maker raised prices by 8.2% last year.
Also See: UBS CEO Reportedly Sees Credit Suisse Takeover As Growth Opportunity: 'Did Not Buy…Only To Close It'
Price Action: NSRGY shares closed higher by 0.20% at $119.85 on Monday.

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