Credit Suisse withdrawals reach $68.6 bln

The Credit Suisse collapse in March was triggered by depositor withdrawals of $68.6 billion, which lead to the bank’s rival, UBS, to jump in and acquire it, Credit Suisse revealed on Monday.

The Swiss bank’s flagship wealth management division reported a drop in its managed assets by 29 percent, Credit Suisse said in a statement.

Credit Suisse clients started pulling money out of the bank after it was caught up in the market turmoil that followed the collapses of Silicon Valley Bank and Signature Bank in the US in March.

Swiss authorities have intervened, creating a rescue package for Credit Suisse, which included 200 billion francs, of financial guarantees, and is regulating the UBS takeover of the bank.

The deal valued Credit Suisse at $3.15 billion when it was initially announced, but was later valued at about eight billion dollars on Friday before the settlement was reached.

Credit Suisse had been loss-making and had faced a string of problems in recent years, including money laundering charges.