UBS to buy rival Credit Suisse for more than $2bn after day of high drama

19 March 2023 - 18:21The Helvetia statue in front of the Swiss parliament, in Bern, Switzerland, March 19 2023. Picture: DENIS BALIBOUSE/REUTERS

The Swiss finance minister said the bankruptcy of a globally important bank would have created irreparable consequences for financial markets. “With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss central bank said.

Officials have been racing to rescue the 167-year-old bank, among the world's largest wealth managers, after a brutal week saw the second- and third-largest US bank failures in history. As one of 30 global banks seen as systemically important, a deal for Credit Suisse could ripple through global financial markets.

The fallout from the crisis of confidence in Credit Suisse and the failure of the two US banks could ripple through the financial system this week, the two executives said on Sunday.

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