:UBS agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs and agreed to assume up to $5.4 billion in losses, in a shotgun merger engineered by Swiss authorities to avoid further market-shaking turmoil in global banking.
It was not yet clear if the deal is enough to restore trust in lenders around the world. The first indication could come when stock markets open in a few hours in Asia, Australia and New Zealand. The effect on jobs was not immediately clear. UBS said it expected annual cost savings of some $7 billion by 2027. Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to 0.76 Swiss francs per share for a total consideration of 3 billion francs, UBS 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 U.S. 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 U.S. banks could ripple through the financial system this week, the two executives separately told Reuters on Sunday.
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