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The New York Stock Exchange issued a notice to the bank on Wednesday, warning it that its listing no longer meets its criteria which requires shares to reach at least $1 for 30 consecutive trading days.
The share is listed on the New York Stock Exchange in the form of a certificate of deposit which allows non-American companies to list their shares in the United States. “Credit Suisse expects this deficiency to be resolved with the completion of the acquisition by UBS,” the bank said in a statement.
Read also: Brussels authorizes the takeover of Credit Suisse by UBS
UBS is the entity that will remain following this takeover and the Credit Suisse certificates of deposit will be exchanged for part of the UBS shares, she recalls, specifying that its certificates of deposit will be withdrawn from the New York Stock Exchange. York.
On March 19, UBS, the number one in the Swiss banking sector, agreed to buy Credit Suisse under pressure from the Swiss authorities to prevent the bank from going bankrupt. UBS is to pay 3 billion Swiss francs – an equivalent sum in euros, which is equivalent to 0.76 francs per Credit Suisse share.
Also read: US moves to confiscate bonuses from bank bosses
Since then, the Credit Suisse share has been hovering around this price on the Swiss Stock Exchange where its main listing is located. The stock has lost 94% of its value since March 2021, when the bank was rocked alternately by the bankruptcy of British financial firm Greensill, then by the implosion of the American fund Archegos. These two scandals had marked the beginning of a series of scandals which had weakened the bank.
Browse our large format: How Credit Suisse lost control ( once more)
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