Breaking News
1. Poland & France Poke Putin; Allow Ukraine To Use Their Weapons To Attack Russia      2. Cutting-edge tech to the rescue of year-old boy at SGPGIMS      3. LG letter on heatwave meant to defame, not help Delhi govt: Minister Saurabh Bharadwaj      4. Vijay Varma reacts to Gajendra Chauhan's recent statement on Payal Kapadia      5. The Panda Party is back on as giant pandas will return to Washington's National Zoo by year's end      6. Kailash Satyarthi - “We need to globalise compassion”      7. Coaches Of Goods Train Derail At Palghar, Affect Rail Schedule      8. VP Jagdeep Dhankhar Pays Tribute To Former PM Chaudhary Charan Singh On His Death Anniversary      9. Bus Overturns On Delhi-Mumbai Expressway Near Dausa      10. Fire Breaks Out At Parking Lot In Delhi, Several Cars Gutted      11. 21 Killed In Fresh Israeli Strike On Displacement Camp In West Rafah      12. Flesh Found In Septic Tank Of Flat Where Bangladesh MP Was Likely Killed      13. Dhruv Rathee's cryptic post day after Swati Maliwal blames 'popular YouTuber'      14. Pak "Violated" Lahore Agreement Signed With India In 1999: Nawaz Sharif      15. Pune Porsche accident: Maharashtra Congress demands CBI probe, Devendra Fadnavis' resignation      16. PM Modi to hold rally in Jharkhand and Kolkata; Rahul, Akhilesh in Varanasi today      17. Israeli PM Netanyahu acknowledges ‘tragic mistake’ after Rafah camp strike      18. IndiGo Flight Gets Bomb Threat At Delhi, Fliers Exit Through Emergency Door      19. Pune Porsche crash: Govt forms three-member panel after arrest of two doctors of Sassoon Hospital      20. Woman who accused Yediyurappa of sexually assaulting her daughter dies: Police     

Ubs To Buy Credit Suisse In A Deal Brokered By Swiss Government For More Than $2 Billion

  • Posted on March 20, 2023
  • News
  • By Akta Yadav
  • 506 Views
ubs-to-buy-OPOSFyUZcO.jpg
Credit Suisse :-

In a government-brokered deal, UBS Group has agreed to buy the debt-ridden Credit Suisse. Its rival, UBS is spending more than $2 billion. In the all-share deal, UBS valued Credit Suisse Group for one-fourth of its closing price, which was roughly $8 billion.

Credit Suisse
Credit Suisse

 According to reports, UBS Group would pay more than 0.50 francs a share in its own stock, which is nearly 73% less than the closing price of Credit Suisse of 1.86 francs. However earlier, UBS had made an offer of roughly $1 billion (or 0.25 francs per share) which the company rejected.

 The 167-year-old banking system was greatly affected by the failure of American lenders Silicon Valley Bank and Signature Bank during the past week. Due to chaos within American banking institutions, Credit Suisse saw a decline in its banking equities and prompted authorities to enact emergency steps to keep institutions afloat.

Credit Suisse
Credit Suisse

 The Swiss National Bank reportedly provided UBS Group with roughly $100 billion in liquidity as part of the deal to help them take over the activities of the rival group. One of the biggest wealth managers in the world, Credit Suisse's failure would have an enormous impact on the whole financial system.

 Credit Suisse has suffered in recent years due to a series of scandals, managerial changes and legal problems. Clients withdrew more than $100 billion in assets in the last three months due to its weakening financial stability.

 For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.

Author
No Image
Author
Akta Yadav

You May Also Like