A view of Credit Suisse signage at an office in Singapore on Monday (Reuters photo)
LONDON/ZURICH: Shares in Credit Suisse dropped 61.95% in premarket trading in Zurich on Monday after rival UBS agreed at the weekend to take over the 167-year old bank for $3 billion.
Credit Suisse shares were quoted at 0.61 Swiss francs ($0.6578) in Julius Baer premarket trading, while those in UBS were down 4.73% at 15.81 francs.
“The next few hours of trading will give us a better picture on whether the crisis is contained,” Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said.
“In theory, there is no reason for the Credit Suisse crisis to extend, as what triggered the last quake for Credit Suisse was a confidence crisis – which…
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