“If necessary the SNB will provide CS with liquidity,” they said.
The collapse of Silicon Valley Bank in the U.S. on Friday prompted a widespread flight to quality that saw the bigger lenders that are deemed more solid, including Swiss rival UBS Group AG, attract deposits, deepening Credit Suisse’s woes. “You can only advise Switzerland to quickly organize a rescue package … to restore confidence,” said one European government source, before the announcement. “The aim has to be to avoid chaos.”Article content
But while the funding guarantees the bank’s future, it does little to address the strategic disarray at the group nor its inability to convince investors and clients that it can turn the corner.Article content
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