- 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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