Banking Crisis: Credit Suisse Ski Caps Going for Nearly $200 Online

2023-04-20 21:38:45 By : Ms. Wendy Liu

Credit Suisse merch is cool again now that the bank has averted a crisis by being acquired by rival UBS.

A retro Credit Suisse red, blue, and white ski cap featuring the letters 'CS' and 'SKA' for the bank's predecessor Schweizerische Kreditanstalt is attracting fierce bidding online — bids are now up to 180 Swiss francs, or $193.60, on Switzerland-based market places and Winter Bucket Hat

One listing of the Credit Suisse cap started at 80 francs on March 19. It was outbid nine times, and prices went up to 180 francs by about 1 p.m. Eastern time on March 20. The cap is in "good condition," according to the listing. 

It isn't clear why the Credit Suisse caps have become so popular all of a sudden, but they were apparently the "height of fashion in the 1970s," per Reuters.

A similar vintage Credit Suisse wool ski cap has also been listed on eBay for $350, but it hasn't been bid on yet.

The news was first reported by local media.

Bidding on other Credit Suisse merch — such as this tote bag and a coin bank — also attracted four and five bids, respectively.

And while Credit Suisse merch may be attracting buyers, the same cannot be said for the shares of the 167-year-old lender.

Credit Suisse's share price slumped 56% to 0.82 Swiss francs apiece on Monday — its first day of trade after the merger announcement. They are down 70% this year and have cratered about 99% from their all-time high in May 2007.

Credit Suisse which has been battling scandals for years — was already under pressure even before its Swiss government-brokered merger with UBS.

The deal was struck after Credit Suisse's share price dropped last week amid jitters in the banking sector over the collapse of Silicon Valley Bank, Signature Bank, New York, and Silvergate Bank earlier this month. This put pressure on Credit Suisse, whose outflows were accelerating over the past few months. 

UBS' acquisition of Credit Suisse is expected to close by the end of 2023. It is unclear if UBS will be keeping the CS brand after its takeover.

Company merch getting popular after the firm's shuttering is not a new thing. 

Silicon Valley Bank's merch has also become popular after the bank's collapse on March 10. A meat and cheese board set embossed with the bank's logo sold for nearly $200 on eBay on March 15, while a coffee mug and tumbler sold for $100 on March 18. A Silicon Valley Bank purse hook sold for $52 on March 20 after 30 bids.

Snow Mittens Merch of other high-profile companies that have collapsed — such as Lehman Brothers — are also listed on eBay. One used Lehman Brothers cap sold for nearly $130 on March 11.