OFFICIAL: UBS, Switzerland’s Largest Bank, Paid $3.2 billion For Credit Suisse To Resolve The Crisis
- UBS, the largest bank in Switzerland, was able to effectively buy Credit Suisse for a price of $3.2 billion.
- UBS had earlier made an offer on March 18 that was worth one billion dollars, but the board of directors of Credit Suisse decided against accepting the offer.
The Swiss government arranged for Switzerland’s largest bank, UBS, to buy its rival for about $3.2 billion in an effort to prevent the catastrophe precipitated by the banking system’s collapse.
In a transaction that was arranged by the Swiss government, Switzerland’s largest bank, UBS, would purchase its rival for around $3.2 billion in an effort to avoid the crisis caused by the collapse of the banking system from spreading across the financial markets. from two banks based in the United States.
UBS had earlier made an offer on March 18 that was worth one billion dollars, but the board of directors of Credit Suisse decided against accepting the offer. According to the terms of the deal, shareholders of Credit Suisse will get one share of UBS for every 22.48 shares of Credit Suisse stock that they own.
In addition, the Swiss National Bank (SNB) has agreed to provide USB with loans for a maximum of 108 billion dollars and up to 100 billion Swiss francs as part of the transaction. The transaction is rumored to have received regulatory blessing in both the United States and Europe.
Previously, it was speculated that Credit Suisse Bank would be the next major financial institution to fail after being influenced by Silicon Bank. According to a prior claim by Coincu, USB has “requested” to purchase this bank for more than 1 billion dollars.
The Swiss National Bank issued the following statement after UBS reached an agreement to purchase Credit Suisse for a price of $3.2 billion: “With UBS taking over Credit Suisse, a solution has been found to guarantee financial stability and defend the economy.” Economy of Switzerland in light of the current circumstances.”
The growth of Switzerland’s railway lines was the original motivation for the founding of Credit Suisse in 1856. After UBS, Credit Suisse is now regarded as Switzerland’s second-largest bank due to its meteoric climb to the top of the financial industry.
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