An uncontrolled collapse of Credit Suisse would ‘lead to incalculable consequences for the international financial system’, Swiss president Alain Berset warned
This briefly caused a rally in the bank’s stock price, but the move failed to reassure customers – with an outflow of deposits. Tonight, Swiss president Alain Berset announced the sale to UBS which comes as part of an urgent effort to avoid fresh market-shaking turmoil.‘An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system’, he warned.Bank and Signature Bank collapsed – the second and third biggest bank failures in US history after the government and Bank of England stepped in to ‘facilitate’ a private sale.
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UBS in talks to acquire Credit Suisse\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t ⚡️ Problem is there are like several more banks that are going to need help. The big banks cannot step in for all of them . . . Missing words might be; Asked, forced, convinced, urged, advised.. What’s in CS for UBS other than overlapped business areas?
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UBS and regulators rush to seal Credit Suisse takeover deal\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t UBSuisse DebitSuisse So within 10 hours FT said that 1. UBS is buying CS 2. Blackrock is buying CS 3. Deutsche Bank is buying CS Oh and that FINMA is forcing UBS to merge with CS. Which one is it? High quality journalism
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UBS offers to buy Credit Suisse for up to $1bn\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t UBS against the clock in Credit Suisse takeover talks . $1 billion fraction of Friday’s closing price. Then again down 99% vs. 90% is not material. But SNB bypassing classic governance by not allowing UBS board to vote on merger is a whole new paradigm and sends a message that the authorities are able to change the rules at will. Shotgun marriages tend to end in ….. 😭
Source: FT - 🏆 113. / 51 Read more »
Source: SkyNews - 🏆 35. / 67 Read more »