Swiss FinMin: a Credit Suisse bankruptcy would have had huge collateral damage

A bankruptcy of Swiss bank Credit Suisse would have had huge collateral damage with the risk of contagion beyond Switzerland, Swiss Finance Minister Karin Keller-Sutter said after UBS struck a deal on Sunday to buy its rival.

A bankruptcy of Swiss bank Credit Suisse would have had huge collateral damage with the risk of contagion beyond Switzerland, Swiss Finance Minister Karin Keller-Sutter said after UBS struck a deal on Sunday to buy its rival. "The bankruptcy of Credit Suisse would have had a huge collateral damage -- on the Swiss financial market also, risk of contagion for UBS and other banks, and also international," Keller-Sutter told a news conference.

"I was in contact with my colleagues from the UK and USA. They were very grateful for this solution because they really feared that there could be a bankruptcy of Credit Suisse, with all the losses," she added.