Credit Suisse acquired by UBS: a “good agreement” according to Bruno Le Maire, the European stock markets worried – Economy

The day after the announcement of the takeover of the bank Credit Suisse by its great rival UBS, the French Minister of the Economy Bruno Le Maire welcomed a “good agreement”, affirming that the government remained attentive to its consequences on the steps. “I am delighted with this agreement, it is a good agreement,” said the minister on RMC / BFM TV. “However, we are talking about a bank which has a balance sheet of more than 750 billion euros, it weighs heavily in the European context so we remain extremely vigilant on the reaction of the markets”, he added.

European stock markets opened lower on Monday, skeptical the day after the hasty closure of the takeover of Credit Suisse by UBS, which does not erase fears about the banking sector. At 9:10 a.m., the Parisian market fell by 0.83%, that of Frankfurt by 1.06% and London by 1.01% after a dark week in the banking sector which weighed down all the markets.

The action of the Swiss banking giant UBS fell 8.77% in the first exchanges on Monday, to 15.61 Swiss francs after the takeover under pressure from the Swiss authorities of its rival Credit Suisse to avoid its sinking. Meanwhile, Credit Suisse shares fall below UBS’s offer price, plummeting 63.70% to 0.6752 Swiss francs as UBS agreed to pay 3 billion francs on Sunday. to take it back, i.e. 0.76 francs.

The European banking sector also unscrewed Monday morning. Around 08:15 GMT, the European banking sector index (Stoxx Europe 600/banks) fell by 5.92%. In Paris, BNP Paribas tumbled by more than 8% and Societe Generale by more than 7%. In Frankfurt, Deutsche Bank lost more than 6% and Commerzbank nearly 5%. In London, Standard Chartered yielded more than 6%, NatWest more than 4% and HSBC 3%.