European stocks fell, with banking shares falling after the acquisition of Credit Suisse

European stocks fell on Monday, with Credit Suisse shares losing more than 60 percent after UBS agreed to buy its struggling rival in a $3 billion deal, undervaluing Credit Suisse well and raising fears of a banking crisis. wide range.

The STOXX 600 European shares fell 0.8 percent by 0807 GMT, after recording its biggest weekly loss this year last Friday.

Credit Suisse shares plunged 62.3 percent after rival UBS said on Sunday it would pay 3 billion Swiss francs ($3.23 billion) to buy the 167-year-old bank, which is suffering a loss of up to $5.4 billion in a regulator-supervised bailout. swiss.

UBS shares fell 8.8 percent.

The banking sector index fell 5.8 percent in early trade.

Deutsche Bank shares lost 10.9 percent and Commerzbank 8.5 percent, while France’s BNP Paribas and Societe Generale lost about 8.2 percent and 7.5 percent, respectively.

Standard Chartered shares fell to the bottom of the FTSE 350, recording a loss of 7.7 percent, while NatWest and Barclays shares fell 7.8 percent and 7.4 percent, respectively.