Credit Suisse has decided to bring forward the date of publication of its quarterly results to the day before the announcement of those of the bank UBS, which flew to its rescue by buying it under pressure from the Swiss authorities.
The results of the first quarter will thus be published on Monday, April 24, the banking group indicated on its site on Tuesday, and not on April 27 as initially planned.
These results will be scrutinized closely, in particular to understand the extent of the withdrawals the bank faced during the panic that led to its bailout in March.
In the last quarter of 2022, the bank had already suffered massive withdrawals of money from its customers which had amounted to 110.5 billion Swiss francs (an equivalent sum in euros) in a nervous market in the face of its project. major restructuring.
But a movement of panic took hold of the markets in the wake of the American bank SVB.
On March 15, Credit Suisse shares, which had been in free fall for two years, had lost up to 30% of their value during the session.
Read alsoThe Swiss president at the front to defend the takeover of Credit Suisse
Acquisition by UBS
In an emergency, the Ministry of Finance, the central bank and the market surveillance authority had held discussions with its competitor UBS, the largest bank in the country, to convince it to buy Credit Suisse and avoid its collapse.
On March 19, UBS agreed to take it over for 3 billion Swiss francs, subject to solid guarantees from the Confederation and the central bank.
Without intervention, the number two in the Swiss banking sector would "
in all likelihood
" have found itself "
insolvent on March 20 or 21
", explained last week the President of the Confederation Alain Berset before elected officials during a session extraordinary in Parliament.
UBS is due to publish its quarterly results on April 25.
They will be presented by Sergio Ermotti, the former boss of the bank from 2011 to 2020, called back to the controls to carry out this merger which promises to be complex.
In 2022, UBS had posted a net profit of 7.6 billion dollars (6.9 billion euros at current rates) while Credit Suisse had suffered a net loss of 7.3 billion francs.
