The Zurich Stock Exchange has announced this Monday that the logistics firm Kuehne+Nagel will replace Credit Suisse in the main selective market on June 13, hours after it was announced that the merger of the bank will be completed on June 12 with what was for decades its main national rival, UBS. Kuehne+Nagel, founded in 1890 in Germany but currently headquartered in Switzerland, will become, after the takeover of Credit Suisse, one of the 20 largest firms on the Zurich Stock Exchange by market value, grouped precisely in its main index, the SMI.
SIX, the firm that manages the Zurich stock market (and also the Spanish market values) has also announced that the Lindt chocolate firm will become part of the SLI index, which groups the 30 largest firms on the Swiss stock market (the 20 most the next 10 by size). Credit Suisse and UBS announced today that both estimate that the acquisition of the former by the latter will be completed on the 12th, after the hasty transaction announced in mid-March.
The entity, which has existed for more than 160 years and was considered the second largest banking group in Switzerland, had to accept its sale to UBS for just over 3,000 million euros, in a guarantee operation guaranteed by the Swiss Confederation. to prevent its collapse.
In the weeks leading up to its March 19 sale, Credit Suisse lost more than 60% of its market capitalization, dragged down by the US banking crisis at the time, where the bank was exposed for years to high-risk investments. . The Swiss Bank was also dragging years of corruption and mismanagement scandals, which forced it to pay hundreds of millions of euros to S, Switzerland and other countries, and which seriously damaged its reputation.
