Published on 26.11.2022
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Bourse » The title of the number two Swiss bank is sinking to a new low.
The title Credit Suisse sank Friday to a new historic low, the day after the official entry into the capital of the Zurich bank of Saudi National Bank (SNB) following a heavy capital increase. The massive outflows of funds are worrying analysts.
The registered Credit Suisse ended the session down 6.6% to 3.318 francs, a low never reached before. At the beginning of the year, the action of the number two Swiss bank was still trading around 9.5 francs. The stock has since fallen more than 60%.
The Saudi giant SNB on Thursday acquired 307.6 million newly issued shares as part of an increase without subscription rights reserved for “institutional investors”. He is now a 9.9% shareholder in the bank with two sails.
Swiss credit expects a pre-tax loss of up to CHF 1.5 billion in the fourth quarter. The bank is expected to stay in the red in 2023, Vontobel analysts said on Friday. It should narrowly return to profit in 2024, before posting “higher profits” the following year.
Management banking specialists were “stunned” by the “massive” extent of money outflows from the Wealth Management unit, equivalent to 10% of assets under management, or some CHF 63 billion of net reflux . ATS/AWP