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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 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.
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A sign and logo of Credit Suisse bank is seen beneath a sign of Swiss giant banking UBS in Zurich on March 20, 2023. (Photo by FABRICE COFFRINI/AFP via Getty Images) (FABRICE COFFRINI via Getty ...
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since the 2008 financial crisis, as clients continued withdrawing their cash at a rapid pace; $147 billion had been withdrawn in the fourth quarter of 2022.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.
Credit Suisse Group AG (NYSE: CS) shares fell Friday premarket after reports that the company is looking to raise fresh capital. The Swiss bank is approaching the investors for the fourth time in ...
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.
Credit Suisse collapsed in March 2023 after a series of scandals and setbacks, and was taken over by UBS. UBS welcomed the ruling, noting that the case was a legacy matter relating to Credit Suisse.