Credit Suisse Group
- After weeks of struggle to shore up its rapidly deteriorating capital base, Credit Suisse agreed to be acquired by UBS in a forced merger engineered by Switzerland.
In a deal negotiated by the Swiss regulators and the Swiss National Bank, UBS Group AG agreed to pay 50 Swiss cents per share or 3 billion Swiss francs ($3.25 billion), significantly less than the expected price for shareholders.
The Swiss National Bank agreed to provide up to 100 billion Swiss francs in liquidity and the Swiss government will offer a loss guarantee of up to 9 billion Swiss francs. However, UBS will be responsible for the first 5 billion Swiss francs of potential losses linked to the impairment of acquired assets from the bank.
Mar 20, 2023
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