Swiss Banks Credit Suisse and UBS Face Liquidity and Crypto Challenges Amid Financial Crisis.
TL;DR Summary
Sight deposits held by the Swiss National Bank (SNB) increased to 567 billion Swiss francs ($619 billion) from 515 billion francs a week earlier, indicating that both Credit Suisse and UBS may have used some of the 200 billion francs in extra liquidity offered by the SNB as part of a state-sponsored rescue of Credit Suisse. UBS agreed to buy Credit Suisse for 3 billion Swiss francs in stock in a merger engineered to avoid more market-shaking turmoil in global banking.
- Swiss sight deposits jump, suggesting Credit Suisse, UBS took emergency liquidity Reuters
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- Swiss Financial Center is Facing a Crisis of Conscience finews.com
- It's Time for UBS to Take an Axe to Credit Suisse Bloomberg
- Credit Suisse's demise: a new twist on the 'Swiss finish' Financial Times
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