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U.S. welcomes Swiss action to support financial stability, says Treasury Secretary Yellen

WASHINGTON (Sputnik) – The United States has welcomed the decision of Switzerland’s largest bank, UBS, to acquire global investment bank Credit Suisse, U.S. Treasury Secretary Janet Yellen said in a joint statement with the president. of the Federal Reserve Board, Jerome Powell.

“We welcome the announcements made today by the Swiss authorities to support financial stability. The capital and liquidity positions of the US banking system are strong and the US financial system is resilient. We have been in close contact with our counterparts organizations to support their implementation.”, Yellen and Powell said on Sunday.

Earlier on Sunday, the Swiss National Bank announced the acquisition of Credit Suisse by UBS, adding that it would provide necessary assistance for the transaction. UBS has announced that it will buy Credit Suisse for 3 billion Swiss francs ($3.2 billion).

UBS, Switzerland’s largest bank, buys Credit Suisse for more than $3 billion

On Wednesday, Credit Suisse’s share price plunged nearly 30%, raising concerns about a liquidity crunch. The incident follows the recent collapse of several US financial institutions, including Silicon Valley Bank (SVB).

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