On the heels of the collapse of Silicon Valley Bank is the mega-merger bail out of Credit Suisse. The 167-year-old banking institution is poised to be acquired by UBS and could be facing legal action as well.
Despite having been among the largest and most influential of banks in Switzerland (with a global reach as well) Credit Suisse has had its share of scandal. During World War II, the bank maintained ties with Germany and other Axis powers and was accused of profiting from the Holocaust by holding and managing assets of Jewish clients who had been sent to concentration camps.
More recently, Credit Suisse has faced a series of challenges, including a major restructuring in the wake of the 2008 financial crisis and a scandal involving the bank’s involvement in fraudulent activities with a US hedge fund, which led to significant financial penalties and reputational damage.
“Despite a string of multiple bad calls and scandals over the last five years, Credit Suisse was among the top 30 banks to be considered ‘Global Systemically Important Banks’. In the previous eight days, the bank’s stock had lost 75% of its value and was eventually subject to a takeover bid by rival UBS in a deal supported by the Swiss government.”
Market Insider’s George Glover wrote that the Swiss government forced through the 3 billion franc deal for longtime rival UBS to take over after Credit Suisse’s shares sharply dropped 70% in the on the Swiss Stock Exchange in Zurich in the wake of the two United States bank failures.
The deal also included having some of Credit Suisse’s bonds devalued to zero from $17 billion, which may lead to legal action from investors.
Here are several documents pertaining to Credit Suisse currently in the RealDealDocs database:
Consent Of Credit Suisse Securities for ADVANCED MICRO DEVICES INC, Advanced Micro Devices, Inc, AMD Unaudited Financial, AMD’s Financial, CREDIT SUISSE SECURITIES (USA) LLC, Parent and Xilinx, Inc
Credit Suisse High Yield Bond Fund 8-K for CREDIT SUISSE HIGH YIELD BOND FUND
Credit Suisse Investor for VERRA MOBILITY CORP, Non-GAAP Financial, Verra Mobility Corporation
Wilmington Trust, National Association, Not In Its Individual Capacity But Solely As Borrower Loan Trustee, And Credit Suisse Ag, New York Branch, As Structuring And Syndication Agent And As Administrative Agent
Credit Suisse Bondholders Consider Legal Action After $17B Wipeout
Why Credit Suisse’s UBS Deal Seems Like an Extraordinary Bailout
Credit Suisse rescue: The biggest winners and losers from UBS’s historic deal
Image courtesy of Rich Bamford