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Fortune
Fortune
Christiaan Hetzner

Credit Suisse collapsed weeks after receiving a clean bill of health from regulators

Credit Suisse UBS Cs Colm Kelleher United States Finma SVB
A crestfallen Credit Suisse chairman announces the end of the bank after nearly 167 years. (Credit: Pascal Mora—Bloomberg/Getty Images)

Credit Suisse’s near-167 years of history came to a screeching end on Sunday as the lender sought refuge in the arms of cross-town rival UBS. 

The $3.2 billion deal, brokered by a Swiss government under considerable pressure from abroad to contain the problem, marks the latest peak in a new financial crisis that claimed its first European victim.

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