Markets React to Last-Minute Credit Suisse Takeover
Stock markets opened on Monday following the announcement of the acquisition of Swiss bank Credit Suisse on Sunday by UBS and the Swiss National Bank.
The purchase of 3 billion Swiss francs (3.23 billion dollars, 3.04 billion euros) was agreed after negotiations over the weekend that lasted until Sunday night, ending shortly before the opening of financial markets on Monday. fair in New Zealand, Australia and East Asia.
The Credit Suisse bailout has rocked Switzerland, a country that has built its reputation as a safe banking and financial centre.
Shares in the crowded lending giant fell 61.95% in premarket trade in Zurich on Monday morning. This was followed by an 8.77% drop in UBS’s share price.
Equity markets around the world fell on Monday, with Hong Kong’s main index falling 3%, while benchmark indices in Germany and France fell more than 1% as markets opened.
Source: DW
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