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About six months before Credit Suisse was sold to rival UBS in a weekend rescue, the head of the Swiss central bank wanted to inject 50 billion Swiss francs ($57.6 billion) into the lender and ...
Worries over contagion across the sector ramped up, with stock markets tumbling in the UK, Europe and in the US as Credit Suisse's woes came shortly after the Silicon Valley Bank collapse in America.
The stock of Julius Baer Group, which became the country's second-largest bank by assets after Credit Suisse's collapse, rose by 13% during the week after the UBS acquisition. [69] The takeover resulted in $17 billion of Credit Suisse-issued AT1 bonds being written off as worthless, which undermined the creditworthiness of the newly acquired bank.
FILE - Grey clouds cover the sky over a building of the Credit Suisse bank in Zurich, Switzerland, on Feb. 21, 2022. Battered shares of Credit Suisse lost more than one-quarter of their value ...
On a national level, the scandal revealed the flaws in the Swiss banking system and forced banks to admit that they had to demand proof of their customers' identity; the tangible result was the 1977 signing, by members of the Swiss Bankers Association and the Swiss National Bank of the "Agreement on the Swiss banks' code of conduct with regard to the exercise of due diligence".
Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States. Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system. It issued loans that helped create Switzerland's electrical grid and the European rail system.
As the Swiss National Bank's new chairman Martin Schlegel takes office this week, the jury is out on the central bank's handling of the Credit Suisse crash and its takeover by UBS. Schlegel ...
In the wake of the collapse of Credit Suisse in the Spring of 2023, Renaud de Planta was the only active financial services executive appointed by Swiss Federal Councillor and Finance Minister Karin Keller-Sutter to the Expert Group on Banking Stability tasked with making proposals to the Federal Council to further strengthen the Swiss ...