All eyes are on bank stocks today after UBS agreed to buy its rival Credit Suisse for more than $3 billion as part of a growing global effort to stabilize recent turmoil in the banking sector WSJWhatsNow
UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion,in years by regulators eager to halt a dangerous decline in confidence in the global banking system.
The deal between the twin pillars of Swiss finance is the first megamerger of systemically important global banks since the 2008 financial crisis when institutions across the banking landscape were carved up and matched with rivals, often at the behest of regulators.
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UBS agrees to buy Credit Suisse as regulators look to shore up the global banking systemCredit Suisse had already been battling a string of losses and scandals, and the last two weeks sentiment was rocked again.
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UBS Agrees to Buy Credit Suisse for More Than $2 BillionThe deal—a substantial discount to Credit Suisse’s $8 billion market value as of Friday—was engineered by Swiss regulators and is designed to restore trust in the banking system.
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UBS agrees to take over Credit Suisse for $2B: reportThe Swiss National Bank has agreed to offer a $100 billion liquidity line to Credit Suisse as part of the deal, says a Financial Times report.
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UBS agrees to take over Credit Suisse for over $3BUnder the terms of the all-share deal, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held for a total consideration of 3 billion francs.
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UBS agrees to buy Credit Suisse for more than $2 billion, Financial Times reportsUBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion, the Financial Times reported on Sunday.
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UBS agrees to buy troubled Credit Suisse for more than $2B to ‘secure financial stability’The Swiss National Bank announced the deal on Sunday, saying that it would “secure financial stability and protect the Swiss economy.”
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