Frou Frou: No fallout from investment at Credit Suisse

12:38 - 22 March 2023

Companies

Alkis H. Hadjikyriacos (Frou Frou Biscuits) Public Ltd has announced that it has not been impacted by the collapse of Credit Suisse in spite of having dealings with the bank.

More specifically, according to the group, the investment portfolio and bank accounts of the Group's subsidiary, Frou Frou Investments Ltd, with the Swiss bank have not been affected in any way by the recent crisis.

On 15 March, Credit Suisse' share price dropped significantly after Saudi National Bank, its largest investor, said it could not provide more financial assistance. Later in the same week, Credit Suisse sought to shore up their finances by taking a loan of 50 billion Swiss francs from the Swiss National Bank. However, this intervention did not stop investors and customers from pulling their money out of Credit Suisse. Earlier this week, UBS agreed to spend $3.25bn to rescue its rival.

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