ZURICH, March 23 ― The UBS takeover of stricken bank Credit Suisse was orchestrated to preserve global financial stability, Switzerland's central bank said today,...
ZURICH, March 23 ― The UBS takeover of stricken bank Credit Suisse was orchestrated to preserve global financial stability, Switzerland's central bank said today, insisting that the Swiss banking system was in good health.
The implosion of Credit Suisse came after the collapse of two tech-lending banks in the United States triggered fears of international contagion. “Under those circumstances, going into resolution would have triggered a bigger financial crisis, not only in Switzerland, but most likely, globally.”
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