Credit Suisse chairman: 'I am truly sorry' for fate of failed bank

Axel Lehmann issued an apology, saying he had run out of time to turn the bank around, despite his belief 'until the beginning of the fateful week' that it could survive

Axel Lehmann with Colm Kelleher, chairman of UBS, shaking hands.  The bank takeover by UBS bypassed Credit Suisse shareholders, who would otherwise have had a say, and all but wiped them out. Picture: Pascal Mora/Bloomberg

Credit Suisse's chairman apologised for taking the Swiss bank to the brink of bankruptcy, as he faced shareholder fury over the demise of the once proud flagship.

The hastily arranged takeover by Zurich-based UBS, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders, who would otherwise have had a say, and all but wiped them out.