ZURICH: Credit Suisse said on Monday (Apr 24) that 61 billion Swiss francs (US$68 billion) in assets left the bank in the first quarter and that outflows were continuing, underscoring the challenge faced by UBS Group AG in rescuing its rival. It also said customer deposits declined by 67 billion francs in
This led Swiss authorities to scramble together a rescue package which saw UBS agree to take over Credit Suisse for 3 billion Swiss francs in stock and assume up to 5 billion francs in losses. It also included 200 billion francs in state financial guarantees.
The bank also said it had mutually agreed to terminate the planned US$175 million acquisition of Michael Klein's investment banking business, which it had intended to spin off together with its own investment banking arm.A gutting of assets also took place in the bank's Swiss arm, which saw private clients pull 6.9 billion francs as a result of waning trust, raising questions over the future of the Credit Suisse brand.
At UBS's annual general meeting held this month, the bank's Vice Chairman Lukas Gaehwiler said Credit Suisse would continue to operate under its own name in Switzerland for the foreseeable future.
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