heap of banknotes of various counties

The “Credit Suisse” empire covers 50 countries around the world

Credit Suisse, the Swiss multinational investment bank and financial services company, has over 150 offices in approximately 50 countries around the world, including the US, UK, India, Singapore, and Thailand, with a workforce of over 45,000 employees. In Thailand, Credit Suisse operates through Credit Suisse Securities (Thailand) Limited.

Sources have revealed that the US Treasury is closely monitoring the situation with Credit Suisse and investigating whether the US financial sector is at risk and to what extent it is related to Credit Suisse. US Treasury officials are currently working closely with European regulators after investors sold shares of Credit Suisse, as well as shares of banks in the US and Europe, causing the stock market to plummet heavily.

According to the Financial Times newspaper, Credit Suisse has submitted a request for assistance to the Swiss Federal Reserve as the bank is currently facing a liquidity crisis. The report also said that Credit Suisse had asked for help from Finma, Switzerland’s financial market regulator.

Investors sold off Credit Suisse stocks after the Saudi National Bank (SNB), Credit Suisse’s largest shareholder, announced that it was unable to increase its credit financing in Swiss because it would make SNB hold more than 10% of Credit Suisse, which would violate banking regulations.

Credit Suisse posted a net loss of CHF 1.4 billion in the fourth quarter of 2022, beating analysts’ expectations of CHF 1.32 billion, resulting in a loss for the full year of CHF 7.3 billion. In addition, customers flocked to deposits of over CHF 110 billion in the fourth quarter of 2022 amid concerns over the bank’s regulatory scandal and the risk of prosecution.

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