Business & Finance
18 January 2024, 2:33 am 1 minute
Reuters exclusively reported that about six months before Credit Suisse was sold to rival UBS in a weekend rescue, the head of the Swiss central bank wanted to inject 50 billion Swiss francs ($57.6 billion) into the lender and nationalise it. But Switzerland’s financial regulator FINMA and the finance ministry opposed the idea, as did Credit Suisse’s management, the sources said. Unable to agree, Swiss authorities decided the best solution was to let the company find its own way.
Credit Suisse’s demise tainted Switzerland’s reputation as a major center of world finance and a safe haven, and debunked the belief that global banks are safer now.
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story