Saturday, December 2

Credit Suisse also faltered: Only 0.1% stake in Indian banking system

The financial condition of Europe’s investment banking company Credit Suisse is not good. Huge fluctuations are being seen in its stock since two days. Recently two big banks of America have been closed and the third banking institution is on the verge of bankruptcy. Now the faltering of Credit Suisse has raised concerns. It is a matter of relief that Credit Suisse has only 0.1% stake in India’s banking system. According to investment banking company Jefferies, Credit Suisse’s assets in India are around Rs 20,000 crore. Accordingly, it is the 12th largest foreign bank in the country. A Jefferies report on Thursday said that the worst-case scenario could be that Credit Suisse might collapse. Such apprehension is less, but even if it happens, there will be no direct impact on Indian banks. Credit Suisse was told on Thursday that it has received a loan of $ 54 billion (Rs 4.46 lakh crore) from the central bank of Switzerland. After this its share climbed up to 32%. This brought great relief to the markets around the world

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