Crisis in Swiss bank Credit Suisse. Swiss bank Credit Suisse confirmed that its largest shareholder Saudi National Bank can no longer invest more money to raise capital due to Swiss regulation.
This unleashed a critical situation at Credit Suisse, which for months has suffered customer flight, which can unleash a risk of default.
What was seen reflected in the collapse of its shares on the Zurich stock market, with a fall of more than 30%.
Unlike SVB, which is a regional bank, Credit Suisse's situation, which has ramifications around the world, increases fear among investors.
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In addition to creating uncertainty and susceptibility to a bank contagion in Europe, since this bank is the second largest in Switzerland and is one of the 30 world banks considered to be the largest.
As a result of this situation, the financial sector in Europe has lost more than 12% of its value.
Given this, European banks have been in trouble since the ECB requested that they declare their exposure to the Swiss bank Credit Suisse.
This request from the ECB was made in order to clarify the possible risks in the Banks of the European Union.
Crisis at Credit Suisse
The Crisis that Credit Suisse is going through triggered as a contagion effect of the fall of the American bank Silicon Valley Bank.
In addition to its results presented in 2022 with losses of 7,400 million and flight of deposits of more than 120,000 million.
These results greatly affect the reputation of Swiss banks.
These banks were considered the most solid on the planet and very profitable, in addition to having special "Tax Haven" conditions.
Situation that in recent years has been trying to correct in Switzerland, however it still lives without full transparency.
In this way, Swiss banks became conducive to tax evasion and to hide huge fortunes from big criminals around the world.
This is a pending situation in which the Western nations must put a brake.
Meanwhile, the European stock markets are being hit by the Credit Suisse crisis.
It is expected that contagion effects will not arise in other countries.
However, as the stock market is having some turbulence in the prices of the large banks, it is expected that it will soon recover its true value and stability.