Credit Suisse, one of the fifty largest banks in the world, has joined the long list of Western banks over the past two decades that have been rescued from the brink of failure and subsequently acquired by a larger financial institution.
After comments from the chairman of the Saudi National Bank triggered the evaporation of almost a third of the megabank’s market capitalization, the Swiss National Bank (SNB) announced the creation of a new facility to preemptively strengthen Credit Suisse’s liquidity (i.e., bail the bank out in order to prevent a full-blown financial crisis).
This was followed over the weekend by the announcement of UBS’s intentions to purchase the bank at a significant discount with the full support of the SNB, while over fifteen billion dollars in bonds will be
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