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Business & FinanceEconomyGovernment
03 November 2023, 2:19 pm 1 minute
Reuters was first to report that Swiss authorities and lenders, including UBS (UBSG.S), are discussing new measures to prevent bank runs after Credit Suisse’s rescue earlier this year, a move that could affect billions in deposits.
Market Impact
UBS shares were 1.8% lower as of 11:35am in Zurich, the biggest decliner in the Stoxx Europe 600 Financial Services Index. The new rules could dent competitiveness or, in a more extreme scenario, push clients to withdraw their money preemptively. While it’s early days, the measures under discussion in Switzerland are making some people nervous. They risk penalizing Swiss banks if they were to be introduced only in Switzerland, one of the sources said. UBS is trying to attract customers with above-market rates on deposits.
Article Tags
Topics of Interest: Business & FinanceEconomyGovernment
Type: Reuters Best
Sectors: Business & FinanceEconomy & PolicyGovernment & Public Services
Regions: Europe
Countries: Switzerland
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story