The day after the announcement of the takeover of the bank Credit Suisse by its great rival UBS at a discounted price, the French Minister of the Economy Bruno Le Maire welcomed a “good agreement”, affirming that the government remained attentive to its consequences on the steps.
The day after the announcement of the takeover of the bank Credit Suisse by its great rival UBS at a discounted price, the French Minister of the Economy Bruno Le Maire welcomed a “good agreement”, affirming that the government remained attentive to its consequences on the steps. “I am delighted with this agreement, it is a good agreement,” said the minister on RMC / BFM TV. “However we are talking about a bank which has a balance sheet of more than 750 billion euros, it weighs heavily in the European context so we remain extremely vigilant on the reaction of the markets”, he added.
European markets opened sharply lower on Monday morning, weighed down by banking stocks. Earlier in the day, the Tokyo Stock Exchange closed sharply lower (-1.42%).
However, after a week when banking stocks suffered on the markets, “French banks are solid, they have been tested regularly”, insisted Bruno Le Maire.
With the Basel III agreements, “we have imposed extremely strict rules on French banks”, he continued.
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“When it was necessary to negotiate them, the French banks were not satisfied, finally we reached an agreement and (…) we are very happy to have them today”, he concluded.
A few days after an initial stock market shock caused by the bankruptcy of the American bank SVB, the difficulties of Credit Suisse, precipitated by the refusal of its first shareholder Saudi National Bank (SNB) to increase its stake in the capital, rocked the markets. the last days.
Swiss authorities announced on Sunday an agreement for UBS to buy its historic rival Credit Suisse for 3 billion Swiss francs.
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