The logo of Swiss bank Credit Suisse is seen at an office building in Zurich's Oerlikon suburb, Switzerland July 27, 2017. REUTERS/Arnd Wiegmann
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A steady stream of new money from the world's wealthiest citizens drove up quarterly profits at Credit Suisse and UBS as they benefited from Switzerland's reputation as a safe haven for investors.Credit Suisse said it had seen an annual growth pace in net new assets of more than 6 percent, while UBS reported 5.4 percent growth.Credit Suisse, which has struggled with multibillion-franc losses, positively surprised investors.Investors appeared convinced, and Credit Suisse's share price was up 2.5 percent at 11:13 GMT.After the financial crash, UBS switched its focus to banking for the rich, while Credit Suisse kept investment banking at the heart of its business. UBS' core tier 1 ratio, a key measure of a bank's financial strength which the bank uses as a benchmark for its dividend, slipped to 13.5 percent.
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