"Being bigger through acquisition is not necessarily the best choice. Merging two entities that are not complementary will be a disaster," said Doerig.

But Credit Suisse may consider smaller acquisition opportunities that complement the bank's existing business, said Doerig.

"As the top management, if we don't look for good opportunities throughout the year, we are not doing our job," Doerig added.

Credit Suisse reported a net income of US$1.7 billion in the first quarter, rebounding from a US$1.9 billion loss in same period a year earlier but Doerig said the bank will still take a conservative approach this year, given the uncertainties in the market.

"We've de-risked, and we are going to do more de-risking by considerably reducing proprietary trading," said Doerig.

Credit Suisse's tier one capital adequacy ratio stood at 14.1 percent at the end of March, the highest among large banks.

Its loan-to-deposit ratio is around 120 percent.

According to Doerig, the biggest problem in the financial world over the next six to 12 months is going to be re-financing banks.

The International Monetary Fund estimates the financial crisis has cost banks US$2.6 trillion.

Half the losses, or about US$1.3 trillion, have already been refinanced. But additional funding, either from the public or private sector, is needed to cover the rest.

"But is the international market ready for re-financing? Probably not," said Doerig.

(China Daily May 25, 2009)