BREAKING | UBS will take over Credit Suisse, Swiss authorities said on Sunday, to help rescue the embattled lender.
The Associated PressThe logos of the Swiss banks Credit Suisse and UBS are displayed at Paradeplatz in Zurich, Switzerland on Sunday.Berset, who did not specify a value of the deal, called the announcement "one of great breadth for the stability of international finance. An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system.
The Swiss central bank will supply substantial liquidity to the merged bank, it said at a news conference in the Swiss capital, Bern. It said the deal includes 100 billion Swiss francs in liquidity assistance for UBS and Credit Suisse. News of the deal caps a highly volatile week for Credit Suisse, most notably on Wednesday when its shares plunged to a record low after its largest investor, the Saudi National Bank, said it wouldn't invest any more money into the bank to avoid tripping regulations that would kick in if its stake rose about 10 per cent.
The illuminated logo of Swiss bank Credit Suisse is seen behind a clock at the banks headquarters at Paradeplatz in Zurich, Switzerland on Saturday, March 18, 2023.
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