Credit Suisse's gold bars, hats and bags are cropping up in online stores

Story by CNN/Stylemagazine.com Newswire

3/21/2023

Originally Published: 21 MAR 23 09:33 ET

By Anna Cooban, CNN

(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.

CNN Video

Will UBS move stave off panic? Economy reporter weighs in

New York Times Federal Reserve and economy reporter Jeanna Smialek says that UBS buying its rival Credit Suisse in an attempt to the ease fallout resulting from the failure of two American banks should be a comfort for markets in Asia and Europe. Source: CNN

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.