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Credit Suisse sold to UBS for $3.2 billion in emergency rescue deal

UBS has agreed to buy its rival Credit Suisse for CHF 3 billion ($3.2 billion), with Swiss regulators playing a key part in the deal to protect the global banking system from contagion. Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares they hold. The Swiss National Bank has pledged a loan of up to CHF 100 billion ($108 billion) to support the takeover. The combined bank will have $5 trillion of invested assets. Credit Suisse had already been battling a string of losses and scandals, with the bank's balance sheet twice the size of Lehman Brothers' when it collapsed.
Switzerland Finance 20-Mar-2023 Jerome Powell Janet Yellen Colm Kelleher Karin Keller-Sutter Ulrich Koerner Mergers Financial Stability Swiss economy Swiss National Bank Credit Suisse UBS