Geneva (EFE) significant withdrawals during its crisis, which almost led to bankruptcy.
In its quarterly report published today, the bank admitted that the reduction in liquidity “was especially acute in the days immediately before and after the announcement of the merger” (with UBS), agreed at the request of the Swiss Government on March 19.
The significant withdrawals of deposits “stabilized at much lower levels, but as of today the situation has not yet been reversed,” the Zurich entity admitted.
Credit Suisse had already registered in 2022, especially in the last months of that year, a liquidity outflow of 123,200 million francs (125,000 million euros), which contributed to a huge crisis of confidence that led to the sale to UBS .
The withdrawal of deposits in the first quarter contributed to a net outflow of assets worth 61.2 billion francs (62.4 billion euros) in the first quarter of 2023, the report said today.
57% of this net outflow of assets corresponded to the withdrawal of deposits both in conventional banking and in the wealth management business, according to the Zurich bank.
Credit Suisse recalled that due to the bank’s enormous outflow of assets, which reached around 10 billion francs at the worst moments of the crisis, it had to obtain credit from the Swiss National Bank (SNB).
As of March 31, according to the bank, the amount of this credit amounts to 108,000 million francs (110,200 million euros), it indicated.
He also stressed that 70,000 million francs (71,400 million euros) have already been returned, of which 60,000 million francs were paid in the first quarter and another 10,000 million in the current month of April.