giant UBS has agreed to buy its struggling smaller rival Credit Suisse, in a move aimed at easing fears of a global financial crisis.
UBS is believed to be buying the bank for about $3 billion, but just 38 hours ago, Credit Suisse was valued at $10 billion.The Swiss government will try to bypass laws that would see the deal go to a shareholder vote, hoping to avoid a knock-on effect when the stock market opens in the US and Europe in about 24 hours.
What could go wrong , Just another powerful business women.
How are those sanctions on Russia turning the Ruble into Rubble working for the incompetent global west
9NewsMelb 'easing fears' 🤣🤣🤣
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Credit Suisse: Societe General, Deutsche Bank among banks limiting trades with Credit SuisseThe restrictions add to the Swiss bank’s problems as it tries to restructure operations and find its footing after a series of costly scandals. Hmm..time to call in Fred Goodwin to turn this beast around.
Source: FinancialReview - 🏆 2. / 90 Read more »
UBS explores takeover of embattled Credit SuisseSwiss officials are pushing UBS Group to consider an acquisition of all or parts of Credit Suisse, after a rout in its smaller rival sent shock waves across the global financial system this week.
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UBS in talks to buy embattled Credit Suisse, FT saysUBS Group is in discussions to take over all or part of Credit Suisse after an emergency funding lifeline failed to restore investor confidence in the smaller Swiss bank.
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Why the Credit Suisse-UBS deal simply must get doneGlobal markets can’t afford for the takeover talks between UBS and stricken Swiss rival Credit Suisse to fail. i kNoW! lEts cReaTe aN eVeN biGgEr gLoBaL mOnStEr tHaT iS tOo biG tO fAiL! gEniUs!
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Credit Suisse Aussie team in the dark on UBS takeoverCredit Suisse’s local bankers, analysts and traders are in the dark as their Swiss overlords talk to regulators and arch rival UBS about a mooted tie-up.
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UBS to buy Credit Suisse in historic deal to end crisisThe Swiss bank is paying more than $US2 billion for its rival, according to people with knowledge of the matter. USD3 billion (via shares deal) plus the Swiss government has agreed to 'backstop' UBS against certain losses incurred in the future, involving the now 'former' Credit Suisse operations. Noteworthy that UBS and Credit Suisse shareholders' approval is not required for this takeover Worried that merger will just spread & imbed Credit Suisse's failings and arrogance deeper into the banking system. a bunch of overpaid germans really?
Source: FinancialReview - 🏆 2. / 90 Read more »