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UBS to take over Credit Suisse to stem global crisis of confidence

1 min read Reuters 20 Mar 2023, 12:24 AM IST

Swiss authorities have confirmed that UBS will take over Credit Suisse

The illuminated logos of the Swiss banks Credit Suisse and UBS are seen on buildings next to traffic lights in Zurich, Switzerland on Saturday, March 18, 2023. (Michael Buholzer/Keystone via AP) (AP) — The illuminated logos of the Swiss banks Credit Suisse and UBS are seen on buildings next to traffic lights in Zurich, Switzerland on Saturday, March 18, 2023. (Michael Buholzer/Keystone via AP) **(AP)**

UBS will take over Credit Suisse, Swiss authorities said on Sunday, in a deal to combine Switzerland's top two banks designed to contain a widening crisis of confidence in global finance.

The deal includes 100 billion Swiss francs in liquidity assistance for UBS and Credit Suisse.

Credit Suisse, a 167-year-old bank, has been the biggest name ensnared in market turmoil unleashed by the recent collapse of U.S. lenders Silicon Valley Bank and Signature Bank, forcing it to tap $54 billion in central bank funding last week.

"With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation," the Swiss central bank said.

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Updated: 20 Mar 2023, 05:30 AM IST