Credit Suisse shares fall over 63% at opening of trading

Shares of Credit Suisse fell 63.7% at the opening of trading on the Zurich exchange on March 20, while shares of bank UBS fell 8.77%, Report informs referring to TASS.

Earlier it was reported that the largest Swiss bank UBS bought Credit Suisse for 3 billion francs ($3.24 billion).

On March 19, the Federal Council (government) of Switzerland approved the acquisition of Credit Suisse by UBS and provided guarantees to the country’s national regulator in order to provide liquidity to Credit Suisse.

Earlier, Credit Suisse published a report acknowledging the weakness of internal controls.