FINMA and the Swiss central bank brokered UBS’ takeover for embattled Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion), in a deal announced on March 19.
The bank notoriously pleaded guilty in 2014 to criminal charges for “knowingly and willfully” helping U.S. clients hide offshore assets and income from the IRS.
Crypto firms are scrambling to find institutions to bank with after the collapse of Signature Bank and Silvergate Capital.
Credit Suisse shares rose over 30% at the market open after the bank said that it will borrow up to $54 billion from the Swiss National Bank.
The SNB said Wednesday that Credit Suisse is currently well capitalized but that the central bank will provide additional liquidity if necessary.
Credit Suisse “seriously breached its supervisory obligations” in the context of its business relationship with financier Lex Greensill and his companies, Swiss regulator FINMA concluded Tuesday.
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