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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

European bank shares plummet after Credit Suisse buyout

  • By Al Mayadeen English
  • Source: Agencies
  • 24 Mar 2023 15:37
2 Min Read

The Stoxx Europe 600 Banks index for the sector was down more than 5% in morning trades.

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  • A worker walks past Deutsche Bank offices in London, Britain, March 16, 2023. (REUTERS)
    A worker walks past Deutsche Bank offices in London, Britain, March 16, 2023. (Reuters)

Shares in European banks sank on Monday despite a buyout of Credit Suisse by Swiss lender UBS aimed at averting a global banking crisis.

The Stoxx Europe 600 Banks index for the sector was down more than 5% in morning trades, with declines at French behemoths BNP Paribas and Societe Generale of around 7% and Standard Chartered of about 5%.

Concurrently, shares in Deutsche Bank decreased by more than 10% on Friday as the price of insurance against default risk rose, adding to concerns about a banking sector crisis.

Around 1000 GMT, they were down 11.5% at 8.26 euros, marking the third straight session of declines in Frankfurt for Germany's biggest lender. Commerzbank's domestic rival's stock fell 8.5%.

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The big picture

The crisis began with two mid-size lenders - SVB and Signature Bank - being taken over by Californian regulators. SVB is considered the second largest bank failure in history, whereas Signature Bank is viewed as the third.

Another bank, First Republic, also found itself in hot water despite it received a $30 billion cash infusion from a consortium of banks.

The crisis has spread to other banks in Europe, including Credit Suisse, which announced it was taking a $53.7 billion loan from the Swiss central bank in a bid to "pre-emptively strengthen its liquidity" a day after stock prices fell by a huge margin as it struggles to nip in the bud a confidence crisis.

After weekend intense talks aimed at preventing a wider international banking crisis, UBS announced it was ready to take over Swiss rival Credit Suisse for $3.25 billion.

Read more: SVB crash a lesson and reminder for Asia to distrust US financing

  • EU
  • banking crisis
  • European banks
  • SVB
  • Credit Suisse

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