business

What's behind the fall of Credit Suisse, a 167-Year-Old bank & why did UBS really come to its rescue?

Swiss bank Credit Suisse was set up in 1856, nearly 170 years ago, to arrange funds for Switzerland’s railways. A few days ago, it was bought by rival UBS, after a bunch of scandals, losses, and issues with management. Now, UBS has agreed to take over the bank for all of 3.2 billion dollars. The ‘historic’ merger was facilitated, almost forced, by Swiss banking authorities with the Swiss Central Bank (SNB) guaranteeing to pay UBS 9 billion Swiss francs on potential losses. But exactly what is it that went wrong in Credit Suisse, especially at a time when the confidence in global banks as such is not exactly high? Watch to find out!

first published: Mar 21, 2023 08:19 pm