This weekend, the Credit Suisse closed the agreement for its sale to the UBSa rival Swiss bank, for US$ 3.2 billion.
The purchase price is less than half the bank’s market value at the close of last Friday (17), when the institution was worth 7.4 billion Swiss francs, according to Bloomberg.
The fate of Credit Suisse took place in a context of crisis in the global banking system, which began with the collapse of the SVB It’s from Signature Bankboth Americans.
But the role of the Swiss bank began last week, when shares reached historic lows after the Saudi National Bank (SNB), main shareholder of Credit Suisse, rule out a new financial contribution in the institution.
The news was boosted by a series of scandals in which the bank has been involved in recent years, which have tarnished its credibility and generated a crisis of reliability in the financial institution.
O Money Times prepared a timeline with the main controversies involving Credit Suisse in recent years. Check out:
2008
Credit Suisse takes a hit from the subprime financial crisis in the United States, but unlike its rival, UBS, it does not need a state bailout to survive the crisis.
2011
Urs Rohner becomes president of the bank, a position he would hold until 2021, and invests in the financial institutions Archegos and Greensil.
2018
Finma, market regulator in Switzerland, criticizes Credit Suisse’s failures in the process of combating money laundering in the case of FIFA and oil companies PDVSA, from Venezuela, and Petrobras, from Brazil.
2020
In February, a problem involving the bank’s covert surveillance operations led to the departure of the CEO at the time, Tijidane Thiam, who was replaced by Thomas Gottstein.
In March, the Archegos investment fund fails, leaving Credit Suisse with a loss of $5.5 billion.
In the same month, the bank freezes US$ 10 billion in financing funds linked to Greensil Capital, a British financier.
2021
The Swiss bank accumulates losses of US$ 15 billion related to the collapses of financial institutions Archegos and Greensil.
The company’s president, Antonio Horta-Osorio, resigns after less than nine months in office, after breaking the rules of the Covid-19 quarantine, he is replaced by Alex Lehmann.
2022
In July, the bank replaces Thomas Gottstein with Ulrich Koerner as CEO of the company and announces a strategic restructuring plan.
In October, more details about the restructuring are released and Credit announces a 15% cut in its expenses, the dismissal of 9,000 employees (17% of its global workforce) and a capital increase of US$ 4 billion.
*With information from Reuters agency
Source: Moneytimes
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