Credit Suisse stock nosedives 65%, UBS falls nearly 16% as investors digest $3.25 billion merger deal3 min read 20 Mar 2023, 03:11 PM IST
On Sunday, both UBS and Credit Suisse announced the takeover deal. UBS will be the surviving entity. The Zurich-headquartered bank will acquire Credit Suisse for CHF 3 billion (approximately $3.25 billion).
A bloodbath emerged in banking stocks globally after Switzerland-based bank UBS agreed to save another embattled Swiss lender Credit Suisse for $3.25 billion. This deal was inked after the country's regulators asked both companies to conclude the transaction for restoring necessary confidence and stability in the Swiss economy and the banking sector. However, investors have shown a bearish response to both UBS and Credit Suisse.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started
Select your Category