City
Epaper

$68 billion withdrawn from Credit Suisse before collapse

By IANS | Updated: April 24, 2023 11:55 IST

London, April 24 Collapsed banking giant Credit Suisse says 61.2 billion Swiss francs ($68.6 billion) left the bank ...

Open in App

London, April 24 Collapsed banking giant Credit Suisse says 61.2 billion Swiss francs ($68.6 billion) left the bank in the first three months of the year.

The announcement gives an insight into the scale of the bank run that caused the 167-year-old lender to fail and triggered its state-backed rescue, the BBC reported.

It came as the bank reported what are expected to be its last ever financial results.

Its forced sale to rival Swiss bank UBS is expected to be completed soon.

Credit Suisse's flagship wealth management division saw assets it managed drop to 502.5 billion francs at the end of March, almost 29 per cent lower than the same period last year, the bank said in a statement.

"These outflows have moderated but have not yet reversed as of April 24, 2023," it added.

Credit Suisse clients started pulling money out of the bank after it was caught up in the market turmoil that followed the collapses of Silicon Valley Bank and Signature Bank in the US in March, the BBC reported.

In Switzerland, authorities put together a rescue package for Credit Suisse.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: usbbcLondonCredit SuissePremier of saAustralia broadcasting corporationBbc radioBroadcasting corporationAdministrative capitalOrganisation secretary and member of parliament r.
Open in App

Related Stories

InternationalEarthquake in Russia: Quake of Magnitude 8.0 Strikes Kamchatka Peninsula; Tsunami Warning Issued

EntertainmentRakul Preet Singh Jets Off to London for Final Schedule of De De Pyaar De 2

InternationalNASA Layoffs: 20% or 3,870 Employees to Exit US Space Agency

Cricket'Dhoni Bhai Backed Me': Shikhar Dhawan Says Former India Captain Supported Him Early in His Career (Watch)

InternationalMichigan Plane Crash: 2 Killed After Small Aircraft Crashes Into Storage Facility Near Lowell City Airport in US

International Realted Stories

International'Continue to work in good faith with Mexico,' says White House after conversation between Presidents on tariffs

International'President Trump has ended multiple global ceasefires, including India and Pakistan': White House

International"Pahalgam attack was unacceptable, Panama stands with India": Vice Minister Hoyos

InternationalUS, European allies condemn Iran's threats on foreign soil, call for end to 'illegal activities'

InternationalUS announces construction of USD 200 million White House State Ballroom