Swiss FinMin: a Credit Suisse bankruptcy would have had huge collateral damage

SF Urban Properties AG

19/03/2023 19:18

BERN, March 19 (Reuters) - A bankruptcy of Swiss bank
Credit Suisse  CSGN.S  would have had huge collateral damage
with the risk of contagion beyond Switzerland, Swiss Finance
Minister Karin Keller-Sutter said after UBS  UBSG.S  struck a
deal on Sunday to buy its rival.
    "The bankruptcy of Credit Suisse would have had a huge
collateral damage -- on the Swiss financial market also, risk of
contagion for UBS and other banks, and also international,"
Keller-Sutter told a news conference.
    "I was in contact with my colleagues from the UK and USA.
They were very grateful for this solution because they really
feared that there could be a bankruptcy of Credit Suisse, with
all the losses," she added.
    

 (Reporting by John O'Donnell
Writing by Paul Carrel
Editing by Riham Alkousaa)
 ((paul.carrel@thomsonreuters.com))