UBS buys Credit Suisse for CHF 2 billion

Zurich, Frankfurt The struggle for the future of Credit Suisse is over: UBS buys the second largest Swiss bank for three billion francs, or around 0.76 francs per share. The Swiss National Bank will support the takeover with liquidity assistance amounting to CHF 100 billion, 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.”

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