Credit Suisse shares plunged 63% at around 8:30 a.m. London time on Monday, while UBS shares fell 14%.


[Financial Channel/Comprehensive Report] Even though UBS agreed last weekend to take over the 167-year-old Credit Suisse for a fraction of its market value and received strong support from the Swiss government, investors still sold Swiss stocks on Monday (20th). Credit stocks and bonds.

European shares fell on Monday, with Credit Suisse shares plunging more than 60%.

Credit Suisse shares plunged 63% around 8:30 a.m. London time (4:30 p.m. Taipei time), while UBS shares fell 14 percent.

Around the same time, the European banking index fell nearly 5%.

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Credit Suisse shares fell nearly 62% to around 0.61 Swiss francs in pre-market trade in Switzerland, while the value of its additional tier 1 (AT1) bonds rose to 0.7% after the bank said 16 billion Swiss francs worth of debt would be written down to zero. The dollar exchange rate is as low as 1 cent.

Swiss regulators are ordering debt writedowns as part of a merger with a UBS rescue, angering bondholders.

Just after last Friday's biggest weekly drop this year, the pan-European STOXX 600 index fell 0.8% as of 8 a.m. London time; Credit Suisse shares plunged 62.3%.

London stocks also opened lower on Monday, highlighting the failure of the UBS-Credit Suisse merger deal to allay fears of a global banking meltdown, with bank stocks extending losses.

The blue-chip FTSE 100 index fell 0.7%.

British banks fell 2.9 percent, extending losses from last week's worst week in more than a year.

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