Credit Suisse buyout was for financial stability: SNB chief

Economy

Published: 2023-03-23 14:15

Last Updated: 2024-06-20 01:26


Credit Suisse buyout was for financial stability: SNB chief
Credit Suisse buyout was for financial stability: SNB chief

The UBS takeover of stricken bank Credit Suisse was orchestrated in order to preserve financial stability not only in Switzerland but around the world, the Swiss central bank said Thursday.

"Going into resolution would have triggered a bigger financial crisis, not only in Switzerland but most likely, globally," Swiss National Bank chairman Thomas Jordan told a press conference at the SNB headquarters in Zurich.

Jordan added: "The focus has to be ensuring that we can maintain financial stability under all circumstances."