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Forced takeover of CS by UBS saved the big Swiss bank. However, customers continued to flock to CS toll booths en masse to get their money’s worth.
In the meantime, however, the situation seems to have calmed down a bit. The London financial portal “Financial News” reported this on Monday, based on data from Morningstar.
Because despite the steady outflows in recent weeks, there are also entries: the figures show that Credit Suisse’s European funds recorded net inflows of over $240 million on April 5 and 6, according to Swiss financial portal “Finews”. Investors’ nervousness seems to have eased a bit.
More than 5 billion dollars were withdrawn after the deal
In the first three weeks after the mandatory takeover was announced, a total of $5.6 billion was withdrawn from Credit Suisse funds. On March 21 – just two days after the emergency rescue was announced – the most money was withdrawn from European CS funds in one day: $776 million.
Meanwhile, strong money outflows for CS funds as well as client funds have stopped to this extent. Still: “More outlets can be expected even after the takeover is announced,” Vontobel analyst Andreas Venditti (50) said in an interview with the AWP news agency.
Debuts have already started in 2022
The sewers did not start this year. CS has already lost billions of dollars in client funds last year. In the last quarter of 2022 alone, customers received back CHF 110 billion.
Confidence in CS was completely lost in mid-March. The share price collapsed. Panic erupted when CS’ biggest lender, the Saudi National Bank, announced that it would no longer be investing any additional funds. And not just for investors, but for customers as well.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
