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Saudi National Bank's Chairman Resigns

Editorial Staff

28 March 2023

The chairman of Credit Suisse’s largest shareholder, if there was another call for additional liquidity. Credit Suisse’s stock crashed, and the cost of insuring its debt against default rose sharply. 

UBS is offering to pay SFr3 billion to buy Credit Suisse in an all-share deal, including government guarantees. Holders of Additional Tier 1 bonds, a form of high-risk debt issued by Credit Suisse, have seen these bonds wiped out. 

The episode may raise questions among banks, sovereign wealth funds and other entities about the risks of buying into Western countries’ banks in times of stress.