In March 2023, Switzerland's biggest bank was strong-armed by the government into buying Credit Suisse over fears that the second-largest lender in the country might go under and spark a global financial crisis.In a statement, UBS said Credit Suisse AG ― or limited company ― had been deleted from the Canton of Zurich's commercial register and has thus ceased to exist as a separate entity.The bank added that Credit Suisse AG's clients are now considered to be clients of UBS AG.
Under pressure from the Swiss government, UBS agreed to take over the troubled lender for $3.25 billion, a modest sum for an institution ranked among the 30 banks worldwide considered too big to fail.However, the takeover opened up a new chapter for UBS, which found itself forced to clean up a bank rocked by repeated scandals.After the takeover was completed in June 2023, the two banks had initially continued to operate separately.
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