Credit Suisse has bought back $1.6 billion worth of Ecuadorian government bonds. This was announced by Ecuadorian bankers on Thursday (local time). The buyback will free up cash that Ecuador will invest in preserving the Galapagos Islands, one of the most valuable ecosystems in the world. The offer, which Credit Suisse made at the end of last month, is the largest swap of debt for nature, as such transactions are called in banking circles.

In mid-March, it was announced that Credit Suisse would be taken over by competitor UBS for a total of three billion Swiss francs. The takeover of Switzerland's second-largest bank is considered a costly emergency bailout, which is also likely to reduce competition in the Swiss banking market. The takeover of Credit Suisse is expected to be completed by the middle of the year.

At the institute, a series of mishaps and failures had triggered a crisis of confidence. In mid-March, the Swiss government, together with the central bank and the Financial Market Authority, finally rushed to the aid of the institute in order to prevent severe upheavals in the country and possibly also a global financial crisis. After a weekend of hectic negotiations, the parties agreed on a takeover of CS by UBS, which will be backed by state guarantees worth 209 billion Swiss francs. The acquisition of Credit Suisse is the first merger of two global systemically important banks since the financial crisis.