Zurich, Frankfurt The struggle for the future of Credit Suisse is over: UBS buys the second largest Swiss bank for around CHF 2 billion, or around CHF 0.50 per share. Financial circles confirmed a corresponding report by the “Financial Times” to the Handelsblatt on Sunday evening. The Swiss National Bank will support the takeover with liquidity aid in the amount of 100 billion francs, it announced on Sunday evening.
The Swiss Federal President Alain Berset said at a press conference in the evening: “On Friday it became apparent that the outflow of liquidity had reached such a level that it was no longer possible to restore the necessary confidence.” A failure of Credit Suisse would be an “incalculable risk for Switzerland and the financial system,” said Berset.
Thomas Jordan, head of the Swiss National Bank, added: “Bankruptcy would have serious consequences for national and international financial stability and thus also for the Swiss economy.”
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Further
Read on now
Get access to this and every other article in the
web and in our app.
Further