Over $68 billion withdrawn from Credit Suisse ahead of UBS takeover
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Credit Suisse posts nearly $14 billion Q1 net profit after its debt wipeout in the UBS deal.
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Credit Suisse sign in a branch in downtown Geneva on November 4, 2020 (AFP)
Credit Suisse announced on Monday that more than $68 billion had been withdrawn in its first quarter.
The withdrawal of 61.2 billion Swiss francs ($68.6 billion) in the first quarter boosted the bank's net profit to 12.4 billion francs after holders of high-risk Credit Suisse notes were wiped out in the emergency takeover deal.
Read next: UBS-Credit Suisse merger to result in massive layoffs
Last month, UBS, Switzerland's biggest bank, agreed to acquire global investment bank Credit Suisse for over $2 billion, according to the Financial Times.
UBS' original offer to buy Credit Suisse was $1 billion, reported the newspaper. Swiss authorities were considering changing laws to bypass a shareholder vote on this deal in order to speed up the acquisition
The share price plunge came followed b the recent collapse of several US financial institutions, such as Silicon Valley Bank.
