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$68 billion withdrawn from Credit Suisse before collapse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

BusinessIndia’s November 2025 Exports Hit Three-Year High Despite US Tariffs

InternationalUS: Two Elderly People Found Dead at Film Director Rob Reiner’s Los Angeles Residence

InternationalBrown University Shooting: Two Killed, Several Injured in Rhode Island Firing Incident; Suspect at Large

InternationalFlorida Plane Crash: One Motorist Injured After Small Aircraft Crashes on Interstate 95 in Brevard County (Watch Video)

InternationalCalifornia Shooting: At Least 2 People Shot at Valley Fair Mall in Santa Clara (Watch Videos)

International Realted Stories

InternationalPM Modi’s Jordan visit opens new chapter in bilateral business ties: Industry leaders

InternationalPM Modi lauds 'vibrant welcome' in Addis Ababa, thanks Ethiopian counterpart for special gesture

InternationalTibetan govt-in-exile condemns China-appointed Panchen Lama's remarks on Dalai Lama reincarnation

InternationalIndia to achieve all economic goals to become a powerful economy: IIT Dhanbad Director

InternationalJSMM chairman urges Bangladesh to uphold liberation ideals, warns against anti-India narrative