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Thursday, July 18, 2024
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European banking shares drop after Credit Suisse takeover

Switzerland’s second biggest lender was seen as a bank that was too important to fail – meaning the takeover was rushed through by the the country’s authorities.

Despite market turmoil in recent weeks, experts are not forecasting a repeat of the 2008 financial crisis.

The Bank of England says the UK banking system is “well capitalised and funded, and remains safe and sound.”

Credit Suisse was the most significant failure of a crisis of confidence in the banking sector that also saw the collapse of Silicon Valley Bank in the US.

BBC

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