UBS takes over Credit Suisse: 10 things to know about this historic deal2 min read 20 Mar 2023, 06:36 AM IST
UBS takes over Credit Suisse: The deal follows the collapse of two large U.S. banks last week that spurred a frantic, broad response from the U.S. government to prevent any further panic
In an effort to avoid further market-shaking turmoil in the global banking system, UBS is buying troubled rival Credit Suisse for almost $3.25 billion. The deal was “one of great breadth for the stability of international finance," said Swiss President Alain Berset as he announced it Sunday night. "An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system." The Federal Reserve and Treasury Department welcomed the deal, as did the European Central Bank.
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