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UBS buys Credit Suisse in urgent deal – POLITICO

FRANKFURT — Swiss banking giant UBS is to buy the country’s second-biggest bank, Credit Suisse, in a deal that will ease financial markets in Europe and around the world.

UBS said in a statement that the total price is 3 billion Swiss francs, or about $3.25 billion, in UBS shares.

The deal was struck in a bid to avert further turmoil in the global banking sector following the failure of Silicon Valley Bank in the United States.

“With the takeover of Credit Suisse by UBS, a solution has been found to ensure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss National Bank said in a separate statement, noting that the transaction was made possible thanks to the support of the Swiss Confederation, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank.

The central bank added that UBS and Credit Suisse can obtain a liquidity support loan of up to 100 billion francs.

Underscoring the urgency of reaching a deal for the bank before markets open on Monday, Swiss authorities adjusted laws to allow further liquidity injection by the Swiss central bank, while the government agreed to provide additional guarantees .

The 167-year-old Credit Suisse has been embroiled in a series of scandals that have shaken investor and customer confidence. It thus found itself in the eye of the storm when the bankruptcy of the Silicon Valley Bank raised fears of a banking crisis.

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