https://sputniknews.com/20230319/swiss-biggest-bank-ubs-to-acquire-credit-suisse-for-over-3bln-1108577862.html
UBS, Switzerland’s largest bank, buys Credit Suisse for more than $3 billion
UBS, Switzerland’s largest bank, buys Credit Suisse for more than $3 billion
Switzerland’s largest bank, UBS, announced on Sunday that it would acquire Switzerland-based global investment bank Credit Suisse for 3 billion Swiss francs ($3.2 billion).
2023-03-19T20:08+0000
2023-03-19T20:08+0000
2023-03-19T20:08+0000
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Earlier today, the Swiss National Bank announced the acquisition of Credit Suisse by UBS, adding that it would provide necessary assistance for the transaction. The acquisition deal is expected to create a company with more than $5 trillion in total invested assets and “sustainable value opportunities,” according to the bank. 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. It has previously been reported that UBS is considering buying Credit Suisse for $1 billion. Then, later on Sunday, the Financial Times reported that the offer had been increased to more than $2 billion. That supply apparently rose again before the deal was announced.
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ubs acquires credit suisse
MOSCOW 19 (Sputnik) – Switzerland’s largest bank, UBS, announced on Sunday that it will acquire Swiss-based global investment bank Credit Suisse for 3 billion Swiss francs ($3.2 billion) .
Earlier today, the Swiss National Bank announced the acquisition of Credit Suisse by UBS, adding that it would provide necessary assistance for the transaction.
“UBS plans to acquire Credit Suisse…Under the terms of the all-stock transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, which equates to CHF 0.76/ share for total consideration of CHF 3 billion,” UBS said in a statement.
The acquisition deal is expected to create a company with more than $5 trillion in total invested assets and “sustainable value opportunities,” according to the bank.
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.
It has previously been reported that UBS is considering buying Credit Suisse for $1 billion. Then, later on Sunday, the Financial Times reported that the offer had been increased to more than $2 billion. That supply apparently rose again before the deal was announced.
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