UBS agrees to buy Credit Suisse as regulators look to shore up global banking system
In this article UBS has agreed to buy its embattled rival Credit Suisse with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking system. «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,» read a statement from the Swiss National Bank, which pledged a loan of up to 100 billion ($108 billion) Swiss francs to support the combination.
The UBS deal came after Credit Suisse shares logged their worst weekly decline since the onset of the coronavirus pandemic, despite an announcement that it would access a loan of up to 50 billion Swiss francs ($54 billion) from the Swiss central bank.
The takeover was facilitated by the Swiss government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank, the statement said.
Credit Suisse had already been battling a string of losses and scandals, and the last two weeks sentiment was rocked again as banks in the U.S.
Read more on cnbc.com
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