10 Things Credit Suisse Is Older Than: Light Bulbs, Telephones, Radios, Sports Leagues And More

Zinger Key Points
  • Credit Suisse was founded in 1856 and is one of the oldest banks worldwide.
  • With the buyout of Credit Suisse, a look at 10 things that weren't around when Credit Suisse was founded.

One of the biggest stories from the weekend is the buyout of Swiss bank Credit Suisse Group AG CS, one of the oldest banks in the world. Here’s a look at just how old Credit Suisse is.

What Happened: Credit Suisse is being bought out by Swiss bank company UBS Group AG UBS in a deal that values the bank at $3.25 billion.

The acquisition came after Credit Suisse shares collapsed and the bank faced liquidity concerns. The combined banking company will have more than $5 trillion in invested assets and value opportunities, according to UBS.

Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares they own, implying a price of around 82 cents, a significant discount to Credit Suisse’s closing price on Friday.

Credit Suisse was founded in 1856 by Alfred Escher, who wanted to privatize the state-run railway system in Switzerland. The bank was established to provide domestic funding for rail projects and to avoid funding from French banks that wanted control.

Related Link: El-Erian Says Credit Suisse-UBS Deal 'Not Clean' But Best Of Available Options

Younger than Credit Suisse: Before UBS’s purchaseCredit Suisse was one of the oldest banks still in existence that hadn’t been bought out by a rival. Inspired by a Twitter post, here are some items that are newer to the world or Americans than the existence of Credit Suisse.

Civil War: One of the most notorious wars in U.S. history was the Civil War, which started in April 1861 after the battle of Fort Sumter. The war was fought between the North and the South over the issue of slavery. An estimated 620,000 people died in the war.

World Wars: World War I and World War II both took place after the founding of Credit Suisse, showing just how old the bank is. World War I took place from 1914 to 1918 and World War II took place from 1939 to 1945.

Ford Model T: Some trace the first automobile back to 1769 with the creation of a steam-powered tricycle by Nicolas-Joseph Cugnot. Others see the introduction of the first gas-powered three-wheel car in 1866 by Karl Benz as the first modern automobile. Many will point to the incorporation of Ford Motor Co F in 1903 and the release of the Model T in 1908 as the introduction of the mass market gas-powered automotive.

Sports Leagues: Credit Suisse has been around longer than the four major North American sports leagues and their early days. Major League Baseball traced its start back to 1871 as the National Association of Professional Base Ball Players. The National League of Professional Baseball Clubs was introduced in 1876 and is now the National League.

The National Football League traced its days back to 1920 when the American Professional Football Association was founded with five teams from Ohio, four teams from Illinois, two teams from Indiana, two teams from New York and one team from Michigan.

The NBA and NHL trace their starts back to 1946 and 1942, respectively.

Olympic Games: Paying tribute to the ancient Olympic games, the modern-day Olympic Games were launched in 1896 with the first competition taking place in Athens, Greece. The first Olympic Games featured 14 nations and 241 athletes competing in 43 events. The Olympic Games are now held every four years.

Lightbulb: One of the most used items by people around the world, the lightbulb was patented by Thomas Edison in 1880 after years of work on electricity by himself and many others.

Airplanes: The first powered airplane was successfully flown in 1903, a creation of the Wright Brothers. The airplane was flown by Orville Wright in Kitty Hawk, North Carolina, after four years of research and tests.

Telephone: In 1861, Philipp Reis created the first telephone. Five years later, the telephone was patented by Alexander Graham Bell with a different style and modernized phone. It is often debated who invented the phone, but either way Credit Suisse is older than the modern telephone.

Radio: In 1897, Guglielmo Marconi sent the world’s first radio message across open water, revolutionizing the audio world with what he called “telegraphy without wires.”

Dow Jones Industrial Averages: One of the most recognized stock market indexes was created in 1896 as the Dow Jones Industrial Average. The index, which includes 30 U.S. companies, is often used as a gauge of overall market health. Several ETFs, including the SPDR Dow Jones Industrial Average ETF Trust DIA, allow investors a way to invest in the index today.

Read Next: Credit Suisse Bondholders Angry As $17B Of AT1 Debt To Be Written Down To Zero: What It Means

Photos: Credit Suisse, lightbulb, Shutterstock; telephone, radio, Pixabay
 

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Posted In: NewsPenny StocksEducationETFsGeneralbank stocksCivil WarDow Jones Industrial AverageMLBModel TNBAnflNHLOlympicsradiostelephonesThomas EdisonWorld War IWorld War II
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