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Bruno Le Maire welcomes the takeover of Credit Suisse by its rival UBS, a "good agreement"


The Minister of Economy and Finance also reaffirmed that French and European banks were solid and feared nothing.

The day after the announcement of the takeover of the bank Credit Suisse by its great rival UBS, the French Minister of the Economy Bruno Le Maire welcomed a "good


", affirming that the government remained attentive to its consequences on the steps.

I am delighted with this agreement, it is a good agreement

,” said the minister on RMC / BFM TV.

However, we are talking about a bank which has a balance sheet of more than 750 billion euros, it weighs heavily in the European context so we remain extremely vigilant about the reaction of the markets”, he added


European markets opened sharply lower on Monday morning, weighed down by banking stocks.

Earlier in the day, the Tokyo Stock Exchange closed sharply lower (-1.42%).

However, after a week when banking stocks suffered on the markets, "

French banks are solid, they have been tested regularly

", insisted Bruno Le Maire.

“Welcome Solution”

With the Basel III agreements, signed in 2010, "

we imposed extremely strict rules on French banks

", he continued before concluding: "

When it was necessary to negotiate them, French banks were not satisfied, finally we reached an agreement and (...) we are very happy to have them today


In an interview with the newspaper

Le Monde

published Monday morning, the governor of the Banque de France François Villeroy de Galhau also welcomed the agreement reached for the takeover of Credit Suisse by UBS.


The Swiss authorities have mobilized strongly this weekend to back it up with UBS, which is a welcome solution

," he said.

François Villeroy de Galhau also assured that the “

two series of problems

”, Credit Suisse and the failures of American regulation, “

do not concern French and European banks


A few days after an initial stock market shock caused by the bankruptcy of the American bank SVB, the difficulties of Credit Suisse, precipitated by the refusal of its first shareholder Saudi National Bank (SNB) to increase its stake in the capital, rocked the markets. the last days.

Swiss authorities announced on Sunday an agreement for UBS to buy its historic rival Credit Suisse for 3 billion Swiss francs.

Source: lefigaro

All news articles on 2023-03-20

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