2023-08-05 21:30:01
Credit Suisse wanted to buy back controversial bonds
In the course of the emergency merger, bonds worth 16 billion Swiss francs were written off. Now it turns out that CS wanted to pay back exactly this two days earlier – but Finma said no.
Confusion at the March 19 press conference: Marlene Amstad, President of the Financial Market Authority (Finma), Axel Lehmann, President of Credit Suisse, Vice Chancellor André Simonazzi and UBS President Colm Kelleher (from left).
Photo: Peter Klaunzer (Keystone)
When Marlene Amstad, President of the Financial Market Authority (Finma), had to explain at the press conference on March 19, 2023 why bonds worth around 16 billion Swiss francs became invalid in the course of the forced merger of CS and UBS, she faltered. Background is now being revealed to show why. Contrary to what Finma dictated, CS wanted to buy back part of these bonds two days beforehand. That might have reassured the markets, but Finma said no.
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