ZURICH (Reuters) – Credit Suisse said on Monday that 61 billion Swiss francs (61.9 billion euros) had been withdrawn from the bank in the first quarter, highlighting the extent of the group’s difficulties. is 167 years old who forced his state rescue.
Credit Suisse said outflows had declined as of April 24, but did not reverse.
Credit Suisse presented its results for what should be the last time, as its takeover by Swiss rival UBS is expected to be finalized soon.
Assets under management by the wealth management division fell to 502.5 billion Swiss francs at the end of March, compared to 707 billion for the same period last year.
Credit Suisse, caught in the turmoil triggered by the collapse of Silicon Valley Bank and Signature Bank, faced a run on deposits. The Swiss government has turned to UBS, which has agreed to buy Credit Suisse for 3 billion Swiss francs, while the Swiss state will provide more than 200 billion francs in support and guarantees.
(Report Noele Illien; written by Emelia Sithole-Matarise and Edwina Gibbs; Diana Mandiá and Augustin Turpin, edited by Blandine Hénault)
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