Credit Suisse chairman apologises at last annual meeting

Axel Lehmann said: "We wanted to put all our energy and our efforts into turning the situation around and putting the bank back on track. It pains me that we didn’t have the time to do so, and that in that fateful week in March our plans were disrupted.

"For that I am truly sorry. I apologise that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you."

Switzerland’s biggest bank, UBS, agreed to buy Credit Suisse last month for CHF3bn in an emergency deal brokered by Swiss officials and aimed at preventing a full-blown banking crisis.

Neither set of shareholders was allowed to vote on the deal, which followed a collapse in Credit Suisse’s deposits and share price.

Lehmman cited "one legacy issues after another" and pointed to "the massive outflows of client funds last October", which he said were "a major setback".

"Until the end, we fought hard to find a solution. But, ultimately, there were only two options: ‘deal; or ‘bankruptcy’," he said.

"The merger had to go through. The terms had to be accepted. The only alternative would have been a restructuring under Swiss banking law. This would have led to the worst scenario, namely a total loss for shareholders, unpredictable risks for clients, severe consequences for the economy and the global financial markets."