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SNB’s chairman, Ammar Al Khudairy, said Credit Suisse was “a very strong bank” and was unlikely to need more cash after raising 4bn Swiss francs (£3.59bn) to fund a major restructuring plan ...
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The concerns about Credit Suisse added to broader banking sector fears sparked by last week's collapse of Silicon Valley Bank (SVB) and Signature Bank, two U.S. mid-size firms.
The final deal to purchase Credit Suisse for CHF 3 billion ($3.2 billion) was accepted by the board of Credit Suisse prior to the opening of Asian financial markets on Monday morning. The acquisition was an all-stock deal, with Credit Suisse shareholders receiving 1 UBS share per 22.48 Credit Suisse shares, equivalent to CHF 0.76 per share.
One month before the events in the United States, Credit Suisse had announced its largest annual loss since the 2008 financial crisis, as clients continued withdrawing their cash at a rapid pace; $147 billion had been withdrawn in the fourth quarter of 2022. It also disclosed it had found "material weaknesses" in its financial reporting.
Acquisition of Credit Suisse by UBS. UBS Group AG, supported by the Swiss government, reaches a deal to merge with Credit Suisse as the latter faces imminent insolvency. Disasters and accidents. At least 19 people are killed and 25 others are injured when their bus falls into a ditch in Madaripur District, Dhaka Division, Bangladesh.
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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.