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Added on the 12/06/2023 09:13:46 - Copyright : France 24 EN
UBS's emergency takeover of its troubled Swiss rival Credit Suisse, with significant backing and arm-twisting from Bern, sparked fears Monday it could weaken the country's biggest bank and financial sector as a whole. Switzerland was in shock after its largest bank agreed under pressure from Swiss authorities to swallow up the second largest for $3.25 billion. For more on the UBS takeover, FRANCE 24 is joined by Steven Kelley, Researcher of Financial Crisis Management and Financial Stability at the Yale Program on Financial Stability.
Images of a press conference in Bern by UBS and Credit Suisse leadership and Swiss officials. UBS will take over its troubled Swiss rival Credit Suisse for $3.25 billion following crunch talks Sunday aimed at stopping the stricken bank from triggering a wider international banking crisis. IMAGES
Credit Suisse said it would exercise an option to borrow up to €51 billion from Switzerland's central bank
Credit Suisse 'strongly rejects' the accusations.View on euronews
Credit Suisse chairman, Axel Lehmann, says he is "truly sorry" that the bank could not be saved. Speaking in front of angry and tearful shareholders, Credit Suisse chiefs fronted up at the bank's annual general meeting, 16 days after its hastily-arranged takeover by larger Swiss rival UBS -- a mega-merger in which the shareholders of both banks had no say at all. "I lost 10,000 Swiss francs" says one of those visibly upset outside the meeting in Zurich, "it's many money for my family."
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