UBS buys Credit Suisse for three billion Swiss francs

Zurich, Frankfurt The struggle for the future of Credit Suisse is over: UBS takes over the second largest Swiss bank. The Swiss National Bank (SNB) is supporting the emergency merger with liquidity assistance amounting to CHF 100 billion, as the government, financial regulator and the two banks announced in a joint press conference on Sunday evening.

UBS pays three billion francs (around three billion euros), or 0.76 francs per share, as the money house announced. The purchase price means a significant discount compared to the most recent market value. At the close of trading on Friday, Credit Suisse shares were listed at around CHF 1.86, with a market capitalization of over CHF 7 billion.

To strengthen the supply of liquidity, the central banks of the USA, EU, England, Switzerland, Canada and Japan announced a joint action late on Sunday evening. According to the currency watchdogs, the measure, which is intended to stabilize the financial system, will begin this Monday.

Banking crisis: Default of Credit Suisse would be “incalculable risk”

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