(BFM Bourse) – The New York Stock Exchange has notified the Swiss bank that its share no longer meets its listing criteria. Credit Suisse believes that this question will no longer be relevant after its takeover by UBS.
Credit Suisse securities listed on the New York Stock Exchange no longer meet the requirements of this stock market after their vertiginous fall, announced Wednesday the bank which explains that the question will be resolved by its acquisition by UBS.
The New York Stock Exchange has issued a notice to the bank, warning it that its listing no longer meets its criteria which requires shares to reach at least $1 for 30 consecutive trading days, the bank said in a statement. .
The action is traded on the New York Stock Exchange in the form of a certificate of deposit which allows non-American companies to list their shares in the United States. “Credit Suisse expects this deficiency to be resolved with the completion of the acquisition by UBS,” the bank said in the statement.
A fall of the action of 94% in 2 years
UBS is the entity that will remain after this takeover and the Credit Suisse certificates of deposit will be exchanged for part of the UBS shares, the bank recalls, specifying that its certificates of deposit will be withdrawn from the New York Stock Exchange.
On March 19, UBS, the number one in the Swiss banking sector, agreed to buy Credit Suisse under pressure from the Swiss authorities to prevent the bank from going bankrupt. UBS must pay 3 billion Swiss francs (an equivalent sum in euros), which is equivalent to 0.76 francs per Credit Suisse share. Since then, the Credit Suisse share has been hovering around this price on the Swiss Stock Exchange where its main listing is located.
The stock has lost 94% of its value since March 2021, when the bank was rocked alternately by the bankruptcy of British financial firm Greensill, then by the implosion of the American fund Archegos. These two scandals had marked the beginning of a series of scandals which had weakened the bank.
(With AFP)
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2023-05-31 07:53:00
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