Bloomberg

(Bloomberg) -- Credit Suisse Group AG doesn’t need to raise capital, but the same may not be true for Deutsche Bank AG, according to Harris Associates LP Chief Investment Officer David Herro.

“I would not expect UBS or Credit Suisse - the two biggest banks in Switzerland -- to need cash,” he said in an interview Monday with Bloomberg Radio when asked about the capital needs of European banks. Both banks are ahead of where they need to be on their capital requirements, he said.

Deutsche Bank is “a different story,” and smaller cooperative Italian banks may also still need capital, he told Bloomberg’s Tom Keene and Michael McKee.

Harris Associates is Credit Suisse’s largest shareholder, according to the Bloomberg data. Herro said in February that the Chicago-based asset manager owned at least 8.5 percent of the bank. He has said he doesn’t own stock in Deutsche Bank.

To contact the reporter on this story: Jeffrey Vögeli in Zurich at jvogeli@bloomberg.net. To contact the editors responsible for this story: Simone Meier at smeier@bloomberg.net, Cindy Roberts, Elisa Martinuzzi

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