Credit Suisse buyout was for financial stability: Bank chief

The UBS takeover of stricken bank Credit Suisse was orchestrated in order to preserve financial stability not only in Switzerland but around the world, the Swiss central bank said Thursday.

“Going into resolution would have triggered a bigger financial crisis, not only in Switzerland, but most likely, globally,” Swiss National Bank chairman Thomas Jordan told a press conference at the SNB heaquarters in Zurich, adding: “The focus has to be ensuring that we can maintain financial stability under all circumstances.”