The hastily-arranged takeover by Zurich-based UBS, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders, who would otherwise have had a say, and largely wiped out the value of their holdings.
After years of scandal and losses, Credit Suisse came to the brink of collapse before UBS rode to the rescue with a shotgun merger engineered and bankrolled by the Swiss authorities. Credit Suisse had been attempting to put the past behind it and restructure, before a shock triggered by the collapse of Silicon Valley Bank in the U.S. sent it into a spiral.
U.S. proxy advisor Institutional Shareholder Services had earlier rebuked the bank's management for "lack of oversight and poor stewardship".from the meeting's agenda.
FactCheck It was NOT rescued last month by Swiss rival UBS - but Swiss National Bank (SNB) which is printing billions and a few hundreds of millions. By the way, this action leads to the conclusion that poverty and misery are 'fabricated'. There is a infinite cash at FED too!
More people died of fentanyl just last year than there are trans in America.
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Swiss Prosecutors Probe State-Backed Credit Suisse Takeover by UBSThe federal prosecutor has reached out to national and local authorities to analyze and identify if any criminal offenses took place. You can be certain that a govt sponsored, frenzied, multi-billion dollar deal cobbled together over a weekend contains criminal offenses...question is just how many and by whom.
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Swiss sight deposits fall, suggesting Credit Suisse, UBS took less emergency helpSight deposits held by the Swiss National Bank declined last week, data showed on Monday, suggesting that Credit Suisse and UBS may have cut back on use of emergency funds offered them to facilitate their planned merger.
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UBS, Credit Suisse drop after Swiss prosecutor probes takeover dealCredit Suisse and UBS shares fell on Monday after Switzerland's Federal Prosecutor opened an investigation into the emergency merger of the two lenders. Force them to merge then investigate them. Civil servants are really clever to create jobs for themselves. 😂
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Credit Suisse, UBS shares drop as Swiss prosecutor launches criminal probe over mergerThe UBS takeover of rival Credit Suisse was engineered by Swiss authorities in a bid to rein in turmoil in global banking.
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UBS and Credit Suisse shares drop as Swiss prosecutor investigates takeoverCredit Suisse and UBS shares fell on Monday after Switzerland's federal prosecutor opened an investigation into the emergency merger of the two lenders. Why they investigate when the banks experience liquidity challenges, dont they see the banking challenges and dangers to the stock market? Let the rollercoaster begin
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