Credit Suisse-UBS: Rise and Fall of Two Swiss Banking Giants

"The redemption of shame"

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The Swiss press is not tender in evoking the forced takeover, in an emergency and at a knockdown price (3 billion Swiss francs), of Credit Suisse, the second bank in the country, by UBS, the first.

The operation aims to avoid bankruptcy at Credit Suisse, in difficulty for years and weakened last week by a stock market debacle and withdrawals of money from customers who no longer have confidence in it.

The bank being said to be systemic – that is to say too big to fail – its fall would have had dramatic consequences on the global financial sector.

This takeover, unthinkable fifteen years ago, when UBS was on its knees due to the financial crisis, was very badly perceived by the Swiss.

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