A $54 billion lifeline bought the bank some time. Now there's talk of a takeover -- by Credit Suisse's biggest rival
The fate of Credit Suisse could be decided in the next 36 hours after a torrid week for Switzerland’s second biggest bank. Investors and customers pulled their money out of Credit Suisse over the past several days as turmoil swept the global banking industry following the collapse of two US lenders. Shares of the bank lost 25% over the course of the week, despite an emergency $54 billion loan from the Swiss National Bank.
“BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so,” a BlackRock spokesperson told CNN. Credit Suisse, which is among the 30 most important banks in the global financial system, has been on the ropes for years following a series of scandals, huge losses and strategic missteps. Its stock is down 75% over the past 12 months. But the crisis of confidence escalated rapidly this month.
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