The ailing major Swiss bank Credit Suisse has been saved for the time being – of all things by its arch-rival, UBS. Credit Suisse is to take it over for three billion francs. This prevents an uncontrolled crash for the time being. But the mood on the financial markets remains tense. Volker Brühl, financial expert and managing director at the Center for Financial Studies at the Goethe University in Frankfurt, says that “Credit Suisse’s problems are homemade”.
The problems had a long lead – and would now have come to a head with the crisis at the Silicon Valley Bank. “And then investors look at possible candidates who are fragile. Of course, Credit Suisse immediately comes to mind.” The bank would then have had to contend with large liquidity outflows – and that is why the Swiss financial regulator and the central bank finally intervened. However, Brühl considers the takeover by UBS to be a risk: UBS may not be able to “digest” Credit Suisse because Credit Suisse’s problems are too great. He also warns of a huge banking group that can hardly be wound up if the worst comes to the worst.
However, Brühl reassures investors: there is no other bank in Europe that is as badly positioned as Credit Suisse. Other banks are not endangered in their existence.
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