Credit Suisse’s gold bars, hats and bags are cropping up in online stores
By Anna Cooban, CNN
Hats, bags and gold bars emblazoned with Credit Suisse’s logo are being sold on resale sites, having popped up mere hours after the 167-year-old bank was saved from collapse by rival UBS.
The emergency takeover brokered by the Swiss government will mean the end of a bank that began life in 1856 as the Schweizerische Kreditanstalt set up to finance the expansion of the railroad network and industrialization of Switzerland.
UBS has said it will make big cuts to investment banking at Credit Suisse but it’s not yet clear whether it will retire the brand entirely once the deal is completed later this year.
Some buyers aren’t waiting to find out, engaging in fierce bidding wars, and paying premiums for merchandise that may soon become historical artifacts.
As many as 46 bidders were angling Tuesday to buy a blue and red Credit Suisse ski hat, priced at 111 Swiss francs ($120) on online Swiss marketplace Ricado.ch.
One seller has listed a black cap, adorned with “Credit Suisse Risk Management Intern 2023,” for 35 Swiss francs ($38) on online reseller Tutti.ch.
Vintage Credit Suisse stamps, notepads and watches are also being offered for sale. A tiny 10 gram gold bar, etched with the bank’s logo, is currently listed for 661 Swiss francs ($715) on Ricardo.ch.
UBS, Switzerland’s biggest bank, said Sunday it would buy its smaller rival for 3 billion Swiss francs ($3.25 billion).
Credit Suisse’s stock collapsed last week as investors and customers pulled their money from the bank. An emergency lifeline from the Swiss National Bank wasn’t enough to halt the crisis of confidence, but it bought enough time for Credit Suisse to limp through to the weekend.
The bank had been hit by a series of scandals and compliance failures over the past few years that damaged its reputation.
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.