New Delhi: In what is being described as the “merger of the century”, UBS Group on Sunday agreed to buy Credit Suisse Group for $2 billion in a historic, government-brokered deal. deal,
The deal, aimed at containing a crisis of confidence that threatened to ripple across global financial markets, came after a busy day of talks between the two lenders.
Two biggest banks among the rich alpine The nation known for its banking prominence has been in talks with the government, central bank and financial regulators throughout the weekend.
People with knowledge of the matter told Bloomberg that the Swiss bank is paying more than $2 billion for its rival.
According to reports, it will be an all-share deal and will be priced at a fraction of Credit Suisse’s close on Friday, when the bank was valued at around 7.4 billion francs ($8 billion). t public yet.
Credit Suisse’s share price has fallen from 12.78 Swiss francs in February 2021, due to a series of scandals that have been unable to shake it.
swiss national bank has agreed to provide a $100 billion liquidity line to UBS As part of the deal, according to the Financial Times, which first reported the agreement.
Citing people familiar with the matter, the paper reported that Swiss authorities are prepared to change the country’s laws to bypass a shareholder vote.
Earlier, reports said that UBS had offered to pay up to $1 billion.
However, Credit Suisse believed the offer was too low and would harm shareholders and employees who deferred the stock.
Meanwhile, the sonntagszeitung The newspaper called it the “merger of the century”.
The weekly said, “The unthinkable comes true: Credit Suisse is about to be acquired by UBS.”
(with inputs from agencies)
The deal, aimed at containing a crisis of confidence that threatened to ripple across global financial markets, came after a busy day of talks between the two lenders.
Two biggest banks among the rich alpine The nation known for its banking prominence has been in talks with the government, central bank and financial regulators throughout the weekend.
People with knowledge of the matter told Bloomberg that the Swiss bank is paying more than $2 billion for its rival.
According to reports, it will be an all-share deal and will be priced at a fraction of Credit Suisse’s close on Friday, when the bank was valued at around 7.4 billion francs ($8 billion). t public yet.
Credit Suisse’s share price has fallen from 12.78 Swiss francs in February 2021, due to a series of scandals that have been unable to shake it.
swiss national bank has agreed to provide a $100 billion liquidity line to UBS As part of the deal, according to the Financial Times, which first reported the agreement.
Citing people familiar with the matter, the paper reported that Swiss authorities are prepared to change the country’s laws to bypass a shareholder vote.
Earlier, reports said that UBS had offered to pay up to $1 billion.
However, Credit Suisse believed the offer was too low and would harm shareholders and employees who deferred the stock.
Meanwhile, the sonntagszeitung The newspaper called it the “merger of the century”.
The weekly said, “The unthinkable comes true: Credit Suisse is about to be acquired by UBS.”
(with inputs from agencies)
