Ailing bank Credit Suisse on Monday reported over 61 billion Swiss francs (nearly US $69 billion) in outflows in the first three months of the year, when Switzerland's government arranged for its takeover by rival UBS, and said clients are still withdrawing assets.
The Zurich-based bank cited the "significant net asset outflows" as it posted results skewed by an emergency rescue that was orchestrated by Switzerland's financial markets regulator and included the wipeout of some 15 billion Swiss francs in higher-risk bonds. Some of those investors are now suing over the losses.
On Monday, Credit Suisse said net asset outflows of 61.2 billion francs in the first quarter -- the UBS takeover was hastily announced on March 19 -- amounted to about 5% of all of its assets under management.As of March 31, Credit Suisse said it had borrowed 108 billion francs from the Swiss central bank, whose guarantees were a pillar of the rescue plan that helped avoid a possible collapse of Switzerland's second-largest bank.
Last week, investors holding more than 4.5 billion francs in higher-risk Credit Suisse bonds sued Swiss financial regulators in one of several court complaints over the wipeout.
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