Credit Suisse fails to calm markets

Switzerland’s central bank and financial supervisor finally came out on Wednesday in Defense of Credit Suisse (CS)after the country’s second bank recorded the worst stock market crash in its history.

“Credit Suisse satisfies the capital and liquidity requirements imposed on systemically important banks”, assured the Swiss National Bank (SNB, central bank) and the Financial Market Supervisory Authority (Finma) in a joint statement.

stock crash
“In case of need, BNA will make liquidity available to Credit Suisse”, added the institutions, in their first comments after a day in which the problems of the CS weighed down the world markets.

The entity’s share, considered the weak point of the banking network in Switzerland, fell 24.24%, with a market capitalization of just under 6.7 billion Swiss francs (6.800 million euros, 7.200 million dollars).

During the session came to lose 30% and hit a record low of 1.55 Swiss francs ($1.66), despite intervention by its chairman, Axel Lehmann, to reassure markets.

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