166-year-old Credit Suisse bank closes
Credit Suisse is no more. One of the most popular Swiss banks has ended its 166-year history. For 166 years, Credit Suisse played a role in building Switzerland's reputation as an international financial hub. However, various scandals over these decades, legal issues and management turmoil undermined investor confidence.
This brought the bank to an unexpected but also inevitable end.
After the Saudi National Bank's main shareholder told Bloomberg he would "absolutely not" invest more in it, hopes were dashed. Even a backstop from the Swiss central bank failed to become the lifeline that Credit Suisse had hoped for,
UBS, the largest Swiss bank stepped in to take it over. He could do nothing more than buy it.
The price per share decreased significantly
It went to 1.86 Swiss francs. In total, the sale was made for 2 billion dollars.