Credit Suisse Crisis: The banking crisis looming over the world is still not completely averted. One of the oldest banks in Europe, Credit Suisse Bank (Credit Suisse Crisis) seems to be in trouble once again. Actually, the government of Switzerland had taken steps to save this bank from drowning. After this, Switzerland’s largest bank USB Group decided to buy it for $ 3.25 billion.
Heavy loss to investors
Let us tell you that a proposal to join this bank has been rejected in the Parliament. Now after this the matter is stuck again. A group of investors associated with Credit Suisse Bank say that they have lost billions of dollars due to this deal. In such a situation, investors have filed a case against the economic regulators of Switzerland. Investors have said that they have lost $17.3 billion due to the regulator’s order. Let us tell you for information that investors are challenging the decision of the Swiss Financial Market Supervisor Authority.
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Heavy opposition to the government in Parliament
On the other hand, the case against the contribution given by the government to save the Credit Suisse bank from drowning was stuck in the Swiss Parliament. In the lower house of Parliament, 103 votes were cast against it, while only 71 votes were cast in favor. The government’s move to rescue Suisse Bank was widely criticized.
UBS Group had entered into an agreement
Significantly, Switzerland’s central bank Swiss National Bank and regulator FINMA had entered into an agreement with Credit Suisse of the UBS group. UBS Group has entered into an agreement to buy Credit Suisse Bank for $ 3.25 billion. To save this 167-year-old bank from financial crisis, the Swiss authorities came forward and took a big step in this direction.
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Source: www.dnpindiahindi.in”