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ripple effect? Credit Suisse collapsed, the Swiss central bank will bail out - voila! Of money

2023-03-16T07:13:10.370Z


The National Bank of Saudi Arabia, one of the largest investors, announced that it would stop support, the Credit Suisse stock fell by 24% uThe bank will receive $54 billion in aid from the Swiss central bank


Not a good time.

Credit Suisse (Photo: Public Relations)

While the banks in Israel are presenting good reports, in the world the crisis continues - and now it is hitting Europe, and in a big way: Credit Suisse, the largest bank in Switzerland, will be forced to borrow 54 billion dollars from the country's central bank in order to increase its liquidity and reassure its customers and investors.

This comes after the stock plunged 24 percent.



The drop happened after one of the bank's main shareholders, the Saudi National Bank, announced that it would no longer invest in it.

All this comes against the backdrop of the collapse of SVB in the US and its acquisition by HSBC. In recent days, Credit Suisse's reports were examined and "weaknesses" were found in them indicating that the bank has reporting irregularities, which caused the postponement of reporting the annual results for 2022. Credit Suisse President Ulrich



Kerner

He said: "We have made a move to strengthen Credit Suisse.

Our management is working on a solution to the situation in order to be more focused on the needs of our customers."

  • Of money

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Source: walla

All business articles on 2023-03-16

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