UBS agrees to take over Credit Suisse for over $3B

Logos of the Swiss banks Credit Suisse and UBS are seen on two buildings in Zurich, Switzerland, Saturday, March 18, 2023. Under the terms of the all-share deal agreed on Sunday, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held for a total consideration of 3 billion francs.

The two largest banks in the wealthy Alpine nation famed for its banking prominence have been in negotiations throughout the weekend, with the government, the central bank and financial regulators all involved.newspaper, which was the first on Friday to report the prospect of Switzerland's biggest bank swallowing up Credit Suisse, said UBS had agreed to buy it for $2 billion, with its fellow Zurich-based lender having spurned an earlier offer of $1 billion.

Credit Suisse's share price has tumbled from 12.78 Swiss francs in February 2021 due to a string of scandals that it has been unable to shake off.UBS was being urged by the authorities to get a deal over the line before the stock exchange reopens at 0800 GMT on Monday, in a bid to reassure investors and avoid a wave of contagious panic on the markets.

Danger ahead. Banking on verge of historical makeover.

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