UBS agrees to buy troubled Credit Suisse for more than $2B to ‘secure financial stability’

Shares for Credit Suisse fell by 25% last week, stirring a bank rush by customers that resulted in withdrawal totals of $10 billion a day, the Financial Times reported.

The agreement comes just a day after a meeting between UBS and the Swiss National Bank, where the company initially offered $1 billion for the takeover. Now, UBS will pay about 54 cents a share of its own stock to secure the deal.The Swiss National Bank shared that it would “secure financial stability and protect the Swiss economy.”UBS and Credit Suisse are among the 30 top banks in the world and hold about $1.7 trillion in assets together, with their company headquarters both based in Zurich.

But Credit Suisse has seen its shares fall by 84% over the past two years, with UBS instead seeing its stock soar by 15%. Chairman of the Swiss National Bank Thomas Jordan attends a news conference on Credit Suisse after UBS takeover offer.The bank saw 30% of its share price plunge overnight on Wednesday following market scares over the SVB and Signature Bank collapses, with the Swiss National Bank offering a $54 billion lifeline that was unable to save the bank.

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