Swiss National Bank: Credit Suisse takeover averted global financial crisis

Absorption of the second biggest Swiss bank Credit Suisse by the country’s largest credit institution - UBS - helped to save it not only from the final collapse, but also prevented the global financial crisis, Vice Chairman of the Governing Board of the Swiss National Bank Martin Schlegel said, Report informs referring to local media.

Thus, Credit Suisse actually ceased to exist in its former form after 167 years from the moment of its foundation. The deal was valued at 3 billion francs, or $3.3 billion.

“That Monday morning, March 20, there would most likely have been a financial crisis. This could have affected not only the Swiss financial center, but also the international economy. Credit Suisse, as a global systemically important bank, would have been insolvent on Monday. There was a huge risk of a global financial crisis,” Schlegel said.