ZURICH - Following is a timeline outlining the 168-year history of Credit Suisse Group, the Zurich-based bank that was formally absorbed on Friday by Swiss rival UBS after a 3 billion franc takeover last year.Politician and business leader Alfred Escher founds Schweizerische Kreditanstalt to finance the expansion of the railroad network and promote Swiss industrialisation.
The bank's shares drop by as much as 30% after its largest shareholder Saudi National Bank said it could not provide more support because of regulatory constraints. Credit Suisse secures a $54 billion lifeline from the Swiss central bank to shore up liquidity, and after frantic negotiations UBS agrees to buy the bank for 3 billion Swiss francs in stock and assume up to 5 billion francs in losses, in a deal engineered by Swiss authorities.UBS completes the takeover of Credit Suisse, creating a banking and wealth management giant.UBS completes the merger of the parent companies of UBS and Credit Suisse, formally becoming the successor to its old rival.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: SaltWire Network - 🏆 45. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »