$68.6 billion in asset outflows from Credit Suisse in the first quarter

Switzerland-based Credit Suisse bank reported a net asset outflow of 61.2 billion francs ($68.6 billion) in the first quarter of this year.

The bank announced its financial results for the first quarter of this year.

In the statement, it was noted that Credit Suisse’s performance in the first quarter of this year was effective on the brink of bankruptcy for the bank and plans for its acquisition by UBS Group.

In the statement, which reported that Credit Suisse’s net asset outflow of 61.2 billion francs ($68.6 billion) in the first quarter of this year increased especially in the second half of last month, it was noted that asset outflows they slowed down but did not increase. reverse from April 24, 2023.

BANKING CRISIS HIT CREDIT SUISSE

After the banking crisis that started in the US last month, there was a panic at Credit Suisse in Europe.

Events after the Saudi National Bank, the largest partner of Credit Suisse bank, announced that it would not raise its capital, dragged the bank to the brink of bankruptcy. Switzerland’s largest bank, UBS, had to buy Credit Suisse, which was in crisis with government support. (AA)