Credit Suisse – the reliable face of Swiss finance has bad news for its clients. Instead of Silicon Valley Bank’s recent collapse, Credit Suisse shares fell and the bank was rendered unstable. In a quick attempt to salvage the bank, rival UBS has completely taken over management and authority. However, Credit Suisse does not only deal with personal transactions. The pride of Swiss tennis Roger Federer is a shareholder in the bank, which in turn also finances the Laver Cup tournament.
With such a sudden decision, the tennis community is wondering what lies ahead for Federer and the Laver Cup during their long association with the collapsed $2.94 billion bank. Although no official statement has been released in this regard, there is no guarantee as to the future of the bank. Just a week ago, the bank and its customers expressed confidence in their situation, but now things have really turned around, and not in a great way.
Roger Federer might have other contracts to fall back on, but what about the Laver Cup?
Swiss tennis maestro Roger Federer is by far the backstop of Credit Suisse and the face of the bank’s reliability. Even in times of distress last week, the bank decided to push ahead with their bank-endorsing clips on their screens. It was a great move to retain their clients’ trust, but as is now apparent, things didn’t quite go as they had planned.
However, there has been no official news of Federer stepping down as the bank’s brand ambassador. Moreover, Federer has plenty of other endorsements that will allow him, including his billion-dollar contract with Uniqlo, Rolex, Mercedes-Benz, etc. Federer is also the ambassador of the luxury champagne brand Moët et Chandon.
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However, Credit Suisse is also a sponsor of Federer’s Laver Cup. The tournament is one of the highest honors on the ATP Tour and features tennis legends like Bjorn Borg and John McEnroe. Will the bank still be able to sponsor this major sporting event or not? This is also a question that the management of the bank has not yet answered. The Laver Cup authorities have not issued any statement in this regard.
However, we can only expect that the financial balance will not continue to stumble in the coming days as it has for several weeks now.
The sixth edition of the Laver Cup is scheduled for September 22-24 and tennis fans are waiting for a statement from the bank until then.
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