ZURICH - The beleagured banking giant Credit Suisse has announced it saw 61.2 billion Swiss francs (£55.2 billion) leave the bank during a first-quarter collapse this year that culminated in its emergency rescue by domestic rival UBS.
The announcement “gives an insight into the scale of the bank run that caused the 167-year-old lender to fail and triggered its state-backed rescue”, said the BBC.
The acquisition by UBS is expected to be consummated by the end of this year, if possible, but the full absorption of Credit Suisse’s business into the UBS Group is expected to take around three to four years.
