ING and ABN AMRO are down sharply on the stock market despite Credit Suisse bailout

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ING and ABN AMRO are down sharply on the stock market despite Credit Suisse bailout

The Dutch banks ING and ABN AMRO fell sharply on the Amsterdam stock exchange on Monday. The other European banks were also under pressure. Investors reacted to the takeover of ailing Swiss bank Credit Suisse by its larger rival UBS. That Swiss bank, where former ING CEO Ralph Hamers is at the helm, buys Credit Suisse for about 3 billion euros in UBS shares.

A stock trader on the stock exchange watches the price movement on her monitor. Following the recent turbulence in the banking sector, financial experts are closely monitoring developments in international stock markets. The support of the Swiss central bank for the ailing Credit Suisse has had a calming effect on the German stock market. (ANP / dpa Picture-Alliance / Boris Roessler)

Although Credit Suisse has now been saved from collapse, Credit Suisse shareholders suffer a significant loss as a result of the bailout. The bank was still worth about 7.6 billion euros on Friday. Credit Suisse bondholders are also suffering heavy losses. Investors in the financial sector therefore remain concerned about the value of their investments.

ING fell 4 percent and ABN AMRO, which has been included in the AEX index since Monday, lost more than 4 percent. Shortly after the opening, the AEX index at Beursplein 5 was 0.5 percent lower at 718.90 points. The insurers Aegon, NN Group and ASR fell to 1.8 percent.


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