UBS to buy Credit Suisse for over $2 billion
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UBS has agreed to buy Credit Suisse for more than two billion dollars (1.87 billion euros), the Financial Times reported on Sunday. Recently battered on the stock exchange, Credit Suisse is among the 30 most important banks in the world from a systemic point of view.
UBS has agreed to buy Credit Suisse for more than two billion dollars (1.87 billion euros) reported Sunday, March 19, the Financial Times, citing sources familiar with the matter.
To get its hands on Credit Suisse, UBS will pay more than 0.50 Swiss francs per share against a closing price Friday of its target of 1.86 francs, specifies the FT.
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The Swiss National Bank (SNB), the country’s central bank, has agreed to release $100 billion in liquidity to Credit Suisse as part of the deal, the FT adds.
Asked, the banks UBS and Credit Suisse did not wish to comment on the information from the British economic and financial daily.
According to press reports, UBS has so far offered up to a billion dollars to take control of its competitor as part of the plan devised by the Swiss authorities to try to avoid turbulence when the financial markets reopen on Monday.
Badly treated on the stock market last week after the decision of its main shareholder to return to the pot, Credit Suisse is among the 30 most important banks in the world from a systemic point of view. Its bankruptcy would send shock waves through the entire global financial sector.
With Reuters
France 24-Trans
