“The AT1 instruments issued by Credit Suisse contractually provide that they will be completely written down in a ‘viability event,’ in particular if extraordinary government support is granted,” FINMA said in a statement Thursday. “As Credit Suisse received extraordinary liquidity assistance loans secured by a federal default guarantee on 19 March 2023, these contractual conditions … Read more
Cryptocurrency firms are scrambling to find institutions to bank with after the collapse of Signature Bank and Silvergate Capital. These companies have turned to crypto-friendly Swiss banks, flooding them with requests for banking services, according to multiple industry insiders who spoke to CNBC. Part of why companies are seeking out Swiss banks is the country’s … Read more
An Hour Ago European banking stocks slide Bank stocks slid at the open Monday, with Credit Suisse and UBS driving the fall. Banking stocks were down 2.75% by 9:17 a.m. London time, paring some losses. Credit Suisse shares were down 58%, while UBS recovered slightly to trade 9% lower by 9:17 a.m. London time after … Read more
Regulators in Asia issued reassuring statements Monday that their banking systems remained robust and stable after Swiss banking giant UBS agreed to buy its rival Credit Suisse. Swiss regulators played a key role in orchestrating the forced takeover, to stem a larger banking crisis that would threaten the global system. From Hong Kong to Australia … Read more
Talks over rescuing Credit Suisse rolled into Sunday as UBS sought $6 billion from the Swiss government to cover costs. UBS is under pressure from the Swiss authorities to take over its local rival to get the crisis under control, two people with knowledge of the matter said. Regulators want a resolution before markets reopen on Monday, but … Read more