Credit Suisse’s unofficial ‘going out of business’ sale

An onslaught of interest rate rises aimed at bringing the markets back to normal led to a hard reality check for Credit Suisse. While UBS, or Union Bank of Switzerland, secured an opportunistic 3-billion Swiss Franc deal to buy out its rival, the e-commerce crowd decided to follow suit.
An onslaught of interest rate rises aimed at bringing the markets back to normal led to a hard reality check for Credit Suisse. While UBS, or Union Bank of Switzerland, secured an opportunistic 3-billion Swiss Franc deal to buy out its rival, the e-commerce crowd decided to follow suit. Within hours of the news being dropped, memorabilia and merchandise bearing the branding of the 167-year-old bank popped up for sale in online shops across Switzerland. Items included precious metal bars, ski hats, stamps, old letters, and sports bags. Sellers are seeking to land a bargain given the historical significance of this event in Swiss, and possibly global, financial history and uncertainty around whether the Credit Suisse brand will be maintained by UBS. Two of Switzerland’s most popular online marketplaces had dozens of Credit Suisse gold bars stamped with the issuers name listed for sale. Also listed were ski hats with the letter ‘CS’, considered to be highly fashionable in the 70s. Ardent collectors and/or Credit Suisse fans can nab one of these gold bars ranging from 1 gram to 5 grams for between 100 to 500 Swiss Francs. One seller is seeking to let go of as many as 40 silver bars for 2000 Swiss Francs. Ski hats, featuring the bank’s trademark red and blue branding swatches used between the mid 70s and 2000s were known to be receiving bids of close to 200 Swiss Francs, roughly $320. However, the bank is expected to remain an independent brand until the UBS merger is complete and subject to the discretion of its new owners.On the other side of the world where a similar event transpired, Silicon Valley Bank merchandise is proving to be a popular sell after the bank collapsed earlier this year, as well as merch linked to Lehman Brothers, a 164-year-old global financial firm which filed for bankruptcy during the 2008 financial crisis. Past performance is not a reliable indicator of future performance.

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