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UBS buys troubled Credit Suisse bank for over $2 billion

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Swiss President Alain Berset said the government was confident that the takeover was the 'best solution'

SWISS INVESTMENT BANK UBS has agreed to buy Credit Suisse for more than $2 billion in a government backed deal which would combine Switzerland’s two largest banks.

Swiss President Alain Berset said the government was confident that the takeover was the “best solution” for “restoring confidence that has been lacking the financial markets recently”. Finance Minister Karin Keller-Sutter told the press conference that bankruptcy for Credit Suisse could have caused “irreparable economic turmoil”.The central bank chief, Swiss National Bank chairman Thomas Jordan, and Marlene Amstad, head of the financial regulator FINMA, were also present.Advertisement

UBS was being urged by the authorities to get a deal over the line before the stock exchange reopens at 8am tomorrow, in a bid to reassure investors and avoid a wave of contagious panic on the markets.

 

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