UBS buys Credit Suisse for $3.2 billion- Check out in detail
UBS buys Credit Suisse for $3.2 billion as regulators look to shore up the global banking system
UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday.
The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold.
The Swiss National Bank also pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover.
The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold
The combined bank will have $5 trillion of invested assets, according to UBS.
The Swiss National Bank pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover.
The Swiss government also granted a guarantee to assume losses up to 9 billion Swiss francs from certain assets over a preset threshold “in order to reduce any risks for UBS,” said a separate government statement.
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