Over US$68 billion withdrawn from Credit Suisse before UBS takeover
Swiss bank Credit Suisse says ‘significant net asset outflows’ were particularly heavy in the second half of March, as it was engulfed by panic prior to the hastily arranged takeover by its larger domestic competitor UBS. – EPA pic, April 24, 2023.
MORE than US$68 billion was withdrawn from Credit Suisse in the first three months of 2023, the bank said today in what are likely its final quarterly results before it is swallowed by rival UBS. Switzerland’s long-time second largest bank saw CHF61.2 billion withdrawn in the first quarter alone.
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