Adani vs Credit Suisse: Credit Suisse’s condition worse than Adani Group, share fell 75% in eight days – credit suisse stock rout 75 percent in eightt days severe than adani crisis
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Government has announced the sale of Credit Suisse to UBS Group. For this, its value has been estimated at $ 3.25 billion. The deal was announced even before the market opened on Monday. It was believed that Credit Suisse would get relief from this deal. But as soon as the market opened, the company’s stock fell 63 percent. Along with this, the share of UBS also fell by 14 per cent. Credit Suisse’s share price stood at 0.68 Swiss francs, compared with that of UBS at 0.76 Swiss francs per share. Credit Suisse shares are trading at their all-time low and are down 99 per cent from their 2007 peak.
deal terms
According to the deal between UBS and Credit Suisse, shareholders of Credit Suisse will be given one UBS share for every 22.48 shares held. Everything was not going well in Credit Suisse Bank for the last two years. In the company’s 2022 annual report, financial reporting was said to be out of control. After this people started withdrawing their money. Not only this, the Saudi National Bank, the largest stakeholder of the bank, refused to increase its stake. Credit Suisse is included in the Global Systemically Important Banks.
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