UBS to take over Credit Suisse, Swiss central bank confirms

The deal to rescue the embattled lender includes 100bn Swiss francs in liquidity assistance for both banks.

In a statement, the Swiss central bank and other officials said that the agreement represented"a solution...to secure financial stability and protect the Swiss economy in this exceptional situation".securing a $54bn credit lineThe credit line was agreed in a move aimed at reassuring markets and depositors, but it failed to stem a rush of customer withdrawal, prompting a request from the Swiss government for the rival UBS to consider a takeover.

It is hoped that securing Credit Suisse will avert the contagion of the kind seen in the financial crisis of 2008, when banks including Bear Sterns and Lehman Brothers collapsed. Credit Suisse is one of the largest investment banking employers in the City of London, employing around 5,000 people.

This is the bank that was charged millions for tax fraud why are they getting help

Sticking plaster

Fiat is collapsing

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So called regulators asleep at the wheel again, rinse & repeat

Underwritten by the Swiss Central Bank As usual, big profits when times are good, and have the state/Central bank cover your backside when things go pop Privatise the profits, socialise the losses This happens repeatedly & it is ordinary people who suffer through inflation

Never thought 10-15 years ago I’d be seeing this headline today. Geez

Will they get a bonus in a day also ?

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Swiss government to hold news conference on Credit Suisse after UBS takeover offer - reportsThe possible emergency rescue comes after the authorities raced over the weekend to secure the rescue of the 167-year-old bank, in a move hoped to contain the industry's biggest crisis since 2008 and avoid global market turmoil. Surely the Swiss government can put their Nazi gold horde to good use ? ridge r4today PoliticsLive Fractional banking systems clearly don't work anymore.
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Swiss banking giant UBS 'in talks to takeover troubled rival Credit Suisse'Swiss banking giant UBS is reportedly in advanced talks to buy all or part of crisis-hit lender Credit Suisse.
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Swiss govt to hold news conference after reports of UBS agreeing to buy Credit SuisseThe potential emergency rescue comes after authorities raced over the weekend to secure the future of the 167-year-old bank, which is among the world's largest wealth managers, in a move hoped to contain the industry's biggest crisis since 2008 and avoid global market turmoil. Always nice to see another Nazi bank fail. Hopefully someday that entire country will go down. $2 billion? Is this a joke?
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UBS in talks to acquire Credit Suisse\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t ⚡️ Problem is there are like several more banks that are going to need help. The big banks cannot step in for all of them . . . Missing words might be; Asked, forced, convinced, urged, advised.. What’s in CS for UBS other than overlapped business areas?
Source: FT - 🏆 113. / 51 Read more »

Credit Suisse bank: UBS said to be in takeover talks with troubled rivalEmergency talks are reported in Zurich as regulators seek a deal for Credit Suisse before Monday. Am I sensing a loss of scruples? How many banks have been operating on sketchy + risky levels?
Source: BBCNews - 🏆 3. / 97 Read more »

UBS and regulators rush to seal Credit Suisse takeover deal\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t UBSuisse DebitSuisse So within 10 hours FT said that 1. UBS is buying CS 2. Blackrock is buying CS 3. Deutsche Bank is buying CS Oh and that FINMA is forcing UBS to merge with CS. Which one is it? High quality journalism
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