European Bank Shares Drop Following UBS’s Purchase of Credit Suisse

todayMarch 20, 2023

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According to recent news, the purchase of Credit Suisse by its Swiss rival UBS for $3 billion has resulted in a sharp drop in European bank shares, with UBS down by 13%. This purchase was made at a fraction of Credit Suisse’s market value before the weekend, and its failure was seen as a significant event in a crisis of confidence in the banking sector, which also saw the collapse of Silicon Valley Bank in the US. However, despite the market turmoil in recent weeks, experts are not predicting a repeat of the 2008 financial crisis. The Bank of England has stated that the UK banking system remains safe and sound, as it is well capitalised and funded.

Written by: Relaks Radio

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