- Title: Drone footage of Zurich lakeside, city centre and UBS and Credit Suisse banks
- Date: 21st March 2023
- Summary: ZURICH, SWITZERLAND (MARRCH 21, 2023) (REUTERS) VARIOUS DRONE FOOTAGE OF ZURICH CENTRE INCLUDING LAKE AND BANKS UBS AND CREDIT SUISSE
- Embargoed: 4th April 2023 17:54
- Keywords: Banking crisis Credit Suisse UBS Zurich
- Location: ZURICH, SWITZERLAND
- City: ZURICH, SWITZERLAND
- Country: Switzerland
- Topics: Company News Markets,Europe,Economic Events
- Reuters ID: LVA001912721032023RP1
- Aspect Ratio: 16:9
- Story Text:Drone footage of Zurich centre and UBS and Credit Suisse banks after a tumultuous 10 days which culminated in the 3 billion Swiss franc ($3.2 billion) Swiss-regulator-engineered takeover of Credit Suisse by its rival UBS.
Investors stepped cautiously into bank stocks on Tuesday, emboldened by the rescue of Credit Suisse, with share prices inching tentatively higher amid continuing concerns about smaller U.S. lenders and further financial market ructions.
The demise of 167-year-old Credit Suisse was triggered by the collapse of U.S. lenders Silicon Valley Bank (SVB) and Signature Bank, and investors are concerned about potential bombs ticking elsewhere in the financial system.
The European Central Bank's top banking supervisor said euro zone banks should watch their sources of funding or risk being "caught off guard" by rising interest rates.
In Switzerland, the Bankers Association said that credit supply would not be restricted by the demise of Credit Suisse, adding it was convinced the Swiss banking sector still had a "prosperous future."
(Denis Balibouse, Max Schwarz, Tanya Wood) - Copyright Holder: REUTERS
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