UBS agrees to buy Credit Suisse as regulators look to shore up the global banking system
UBS agreed to buy its embattled rival Credit Suisse with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking system. “With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” read a statement from the Swiss National Bank, which noted the central bank worked with the Swiss government and the Swiss Financial Market Supervisory Authority to bring about the combination of the country’s two largest banks. The Swiss National bank pledged a loan of ... (full story)
UBS Agrees to Buy Credit Suisse for More Than $3 Billion
UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system. The deal between the twin pillars of Swiss finance is the first megamerger of systemically important global banks since the 2008 financial crisis when institutions across the banking landscape were carved up and matched with rivals, often at the behest of regulators. The Swiss government said it would provide more than $9 billion to backstop some losses that UBS may incur by taking ... (full story)
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post at 1:11pm: $CSGN.CH *Reportedly UBS agreed to acquire Credit Suisse for ~CHF2B; Swiss National Bank (SNB) has offered ~$100B liquidity line to UBS as part of any deal for Credit Suisse - press (Credit Suisse Group AG) (More at https://t.co/POY7QOYzdF)
Credit Suisse Group AG’s riskiest bonds pared their advance on Sunday on concern that Swiss authorities may need to nationalize the bank if a deal with UBS Group AG falls through. ...
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The following statement was released by Secretary of the Treasury Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell: “We welcome the announcements by the Swiss ...
“I welcome the swift action and the decisions taken by the Swiss authorities. They are instrumental for restoring orderly market conditions and ensuring financial stability. The ...
We welcome the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability. We have been engaging closely with international ...