The Swiss government has forced through the takeover of stricken bank Credit Suisse by rival UBS for almost $3.25bn (£2.65bn) – well below its market value – amid fears that a failure to protect depositors would trigger a new global banking crisis.
After a weekend of frantic talks, the Swiss government and the banking regulator brokered a deal once it became clear a $54bn loan to Credit Suisse from the Swiss central bank had failed to halt the precipitous slide in its share price.
Swiss President Alain Berset said banking giant UBS is acquiring its smaller rival Credit Suisse for almost $3.25 billion in an effort to avoid further market-shaking turmoil in global banking Mar. 19, 2023 - ABC News: International - World
Struggling Swiss banking giant Credit Suisse has agreed to be bought by its arch-rival UBS at a discount to Friday's close price, after seeing a wave of customer deposits exit the bank. Mar. 19, 2023 - MarketWatch.com - Top Stories - Business
Sergio Ermotti, who stepped down in 2020, will rejoin Swiss bank as it prepares to absorb troubled rivalThe Swiss bank UBS has announced the surprise return of Sergio Ermotti to oversee the takeover of its rival Credit Suisse, amid global concerns ... Mar. 29, 2023 - The Guardian - World
Sergio Ermotti will replace current CEO Ralph Hamers, who is set to remain at UBS to advise the bank during the transition period, UBS said. Mar. 29, 2023 - US Top News and Analysis - Business
Sergio Ermotti, who stepped down from UBS in 2020, will rejoin the Swiss banking giant as it prepares to absorb its troubled rival, Credit Suisse. Mar. 29, 2023 - NYT > Top Stories - Top stories
Ulrich Körner acknowledges an ‘emotional and challenging week’ after deal was forced through by Swiss authoritiesBusiness live: latest coverageDeutsche Bank leads sell-off in European bank sharesThe chief executive of stricken Credit Suisse has ... Mar. 24, 2023 - The Guardian - World
Investment banking roles expected to be worst hit at Credit Suisse in LondonThe fate of thousands of jobs in London’s financial district is in doubt after the emergency merger of Swiss banks UBS and Credit Suisse.As concerns over the scale of job ... Mar. 21, 2023 - The Guardian - World
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UBS agreed to buy Credit Suisse as part of a cut-price deal designed to alleviate panic in the banking sector. Mar. 20, 2023 - US Top News and Analysis - Business
From Hong Kong to Australia and Singapore, authorities urged that their domestic banking systems were stable. Mar. 20, 2023 - US Top News and Analysis - Business
Credit Suisse, UBS and their key regulators are working out a deal on the merger of Switzerland’s two biggest banks, according to reports on Saturday. Mar. 18, 2023 - MarketWatch.com - Top Stories - Business
Swiss banking giant UBS agreed to buy rival Credit Suisse for roughly 3 billion dollars, in a deal brokered by the Swiss Government. The announcement comes as new details emerge about the collapse of Silicon Valley Bank. Ed O'Keefe reports. Mar. 20, 2023 - Home - CBSNews.com - Top stories
In a deal brokered by the Swiss government, Switzerland’s largest bank will buy its smaller rival for about $3.2 billion. Mar. 19, 2023 - NYT > Top Stories - Top stories
Swiss banking giant UBS has agreed to buy rival Credit Suisse for $3 billion. The deal, brokered by the Swiss government, is aimed at staving off fears of a broader banking collapse. Mar. 19, 2023 - Home - CBSNews.com - Top stories
Swiss banking giant UBS has agreed to buy rival Credit Suisse for $3 billion. The deal, brokered by the Swiss government, is aimed at staving off fears of a broader banking collapse. Mar. 19, 2023 - World - CBSNews.com - World
