Before its merger with UBS, Credit Suisse Bank lost Rp 120 trillion.

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Adi Ahdiat 20/03/2023 19:30 WIB

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Credit Suisse's financial performance has collapsed in recent years. By the end of 2022, Credit Suisse's losses had swelled to CHF 7.3 billion, or approximately Rp 120 trillion.

Credit Suisse Bank Net Profit/Loss (2018-2022)

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Before its merger with UBS, Credit Suisse Bank lost Rp 120 trillion.

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Credit Suisse Bank Net Profit/Loss (2018-2022)

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Two major Swiss banks, Credit Suisse and UBS, announced a merger agreement on Sunday, March 19, 2023.

UBS will acquire all of Credit Suisse's shares for CHF 3 billion, or approximately Rp49.6 trillion (at an exchange rate of Rp16,535 per CHF).

"If possible, the merger process is expected to be completed by the end of 2023," Credit Suisse management said in a press release on Sunday, March 19, 2023.

This merger agreement was announced amid a slump in Credit Suisse's share price. According to Google Finance data, from the beginning of the year until March 20, 2023, Credit Suisse's share price had fallen by approximately 73% (year-to-date/ytd).

The merger also follows the collapse of Credit Suisse's finances in recent years.

According to its annual report, Credit Suisse has been operating at a loss since 2021. By the end of 2022, their losses had swelled to CHF 7.3 billion, or approximately Rp120 trillion.

With its plummeting share price and massive losses, Credit Suisse risked imminent bankruptcy. However, several parties attempted a "rescue," as Credit Suisse's bankruptcy was feared to have ripple effects on the Swiss and other economies.

According to FINMA, the Swiss Financial Market Supervisory Authority, Credit Suisse is one of the banks with systemic influence on domestic and global finances.

"The Swiss National Bank has designated Credit Suisse, UBS, Raiffeisen Group, Zürcher Kantonalbank, and PostFinance as systemically important banks," FINMA stated on its official website.

"A bank's systemic importance depends on the size of its assets, its interconnectedness with the financial system and the economy, and its service capacity, particularly in managing public deposits, as well as financing and payment businesses," FINMA explained.

Meanwhile, Andreas Venditti, Head of Research at Swiss bank Vontobel, said that UBS's "rescue" of Credit Suisse does not guarantee that global financial conditions will be stable.

"There are many uncertainties and significant risks. UBS's investment policy has changed substantially. The problems in the global banking sector are not over," said Andreas Venditti, as reported by Yahoo Finance on Monday, March 20, 2023.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Before its merger with UBS, Credit Suisse Bank lost Rp 120 trillion.

Before its merger with UBS, Credit Suisse Bank lost Rp 120 trillion.

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Related Data

Gianyar Regency Government's Regional Revenue Realization as of December 2025

Realization of Gowa Regency Government's Regional Expenditure as of December 2025

Realization of Manado City Government's Local Own-Source Revenue (PAD) as of December 2025

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Realization of Alor Regency Government's Regional Revenue as of December 2025

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Before its merger with UBS, Credit Suisse Bank lost Rp 120 trillion.

Before its merger with UBS, Credit Suisse Bank lost Rp 120 trillion.

Tags

Related Data

Gianyar Regency Government's Regional Revenue Realization as of December 2025

Realization of Gowa Regency Government's Regional Expenditure as of December 2025

Realization of Manado City Government's Local Own-Source Revenue (PAD) as of December 2025

Realization of Jayawijaya Regency Government's Regional Revenue as of December 2025

Realization of Alor Regency Government's Regional Revenue as of December 2025

Realization of Tegal City Government's Regional Expenditure as of December 2025

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