Credit Suisse shares no longer fit for New York listing

Battered shares in crisis-hit Credit Suisse no longer meet criteria for listing on the New York Stock Exchange, the bank said Wednesday, adding that its upcoming sale to UBS would resolve the issue.

“The New York Stock Exchange notified Credit Suisse on May 1… that it is no longer in compliance with the NYSE’s continued listing minimum price criteria,” Credit Suisse said in a statement.

Credit Suisse is listed in New York under a “Depositary Shares” scheme that allows foreign firms to sell stock in the United States.

Under NYSE rules, shares must trade for at least $1.00 for 30 consecutive days to qualify for listing.

But the financial firm, whose share price crumbled under the pressure of fears of contagion from the collapse of three US regional banks, is slated to be taken over by historic rival UBS in a rescue organised by Bern.

Since the deal, the share price has hovered around 0.76 Swiss francs ($0.83) — in line with the three-billion-franc valuation for the acquisition and down around 94 percent compared with March 2021, before Credit Suisse was hit by a string of shocks and scandals.

“Credit Suisse expects that the deficiency will be cured upon completion of the acquisition by UBS,” which will mean its own shares are exchanged for UBS stock and delisted in New York, the statement said. — Agence France-Presse

Subscribe to

Stay in the know with Bilyonaryo’s unparalleled coverage of business news and global industries!

Elevate your understanding of the Philippine business landscape and gain insights into worldwide markets by subscribing to our dedicated channels. Receive breaking news, in-depth analyses, and exclusive interviews with industry leaders directly on Viber, WhatsApp, and Facebook. Stay informed and empowered with our Email Newsletter, delivering curated content right to your inbox.

Don’t miss out on crucial updates and trends shaping economies and businesses both locally and internationally.

Join Bilyonaryo’s community today by clicking the button below to subscribe and stay ahead in the dynamic world of business.

Share this Bilyonaryo story