Switzerland Attempts to Rescue Second Largest Bank from Bankruptcy

Swiss authorities are taking steps to save the country's second-largest bank, Credit Suisse, from bankruptcy. According to a decision by the Swiss federal government, UBS, the country's largest financial institution, will acquire Credit Suisse, which was established in 1856.

To facilitate this, the Swiss central bank will provide UBS with around 100 billion francs (approximately 108 billion US dollars) in financial assistance.

Information about the crisis at Credit Suisse has been circulating over the past few months. In February, the bank announced significant financial losses. The situation worsened following the bankruptcy of American banks Silicon Valley and Signature.

According to Switzerland's RTS television channel, shares of Credit Suisse dropped by 63.7% during Monday's trading session at the Zurich Stock Exchange, while shares of UBS fell by 8.77%.