Credit Suisse, a 166-year-old Swiss bank that has become a threat to the global banking system, has been acquired by UBS AG for $3.25 billion. The President of Switzerland, Alain Berset, announced that the acquisition was necessary for the International Financial System. The acquisition has also been welcomed by the Federal Reserve and the European Central Bank.
Key takeaways from the Credit Suisse acquisition
USB AG is considered to be the largest bank in Switzerland. This deal between the two banks is all share. This includes several provisions for government guarantees and liquidity. Credit Suisse's share price in this deal has been fixed at $0.82 (0.76 Swiss francs), which is 99 percent less than the 2007 high.
UBS AG has issued a statement saying that after the deal, the total assets of the new company will be $ 5 trillion. There will also be $8 billion in cost reductions over the next four years.
This deal between the two banks happened at a time when SVB and Signature Bank have sunk in America.
The agreement between the two banks states that the central Swiss National Bank will lend $108 billion to Credit Suisse and UBS for liquidity.
Credit Suisse started in the 19th century. According to the bank's website, the bank was established on 5 July 1956. Today the business of the bank is spread over 50 countries.
Credit Suisse's name is included in the world's 30 leading financial institutions, which are essential for the world's financial stability.
After this deal, major central banks of the world have announced that steps will be taken to stabilize the banks.
Before the deal, the Swiss National Bank had loaned $54 billion to save Credit Suisse.
Recently, in its annual report by Credit Suisse, it was told that the bank had identified some weaknesses in the system, after which major investors had pulled back from the bank.
Credit Suisse will have 1.6 trillion Swiss francs in assets and 50,000 employees by 2021.
Arvind Kejriwal: Will Kejriwal get relief or not? Delhi High Court will give its verdict today on the petition challenging the arrest.
The Delhi High Court will pronounce its verdict this afternoon on Chief Minister Arvind Kejriwal's petition challenging his arrest in a money laundering case related to the excise scam.
Mann Ki Baat: 100th episode of Mann Ki Baat will be heard live at UN Headquarters, Bill Gates also congratulated
The 100th episode of Prime Minister Narendra Modi's monthly radio program Mann Ki Baat will also be broadcast at the United Nations Headquarters. The show's 100th episode will air on Sunday, 30 April.
NEET 2023: 20 lakh candidates will be included, 499 exam centers being built in India
The National Testing Agency (NTA) has set up 499 examination centers across the country for the National Eligibility cum Entrance Test (NEET)-2023 for medical admission. Apart from this, examination
CSK vs PBKS: Punjab Kings would like to take advantage of MS Dhoni's limelight, the playoff race will be exciting.
Chennai Super Kings, which is struggling with a lack of consistency in its performance, will be eyeing a united performance in all departments of the game when it faces Punjab Kings on
Despite good performance, Ashwin will not be able to make a place in the World Cup team, the former AUS captain claimed.
Ravichandran Ashwin returned to the ODI team after 20 months. Ashwin's performance in the three-match ODI series being played against Australia has also been strong. In the second ODI, Ashwin staked
Flipkart Big Billion Sale: The starting price of the iPhone 14 will be less than Rs 50 thousand, this will be a great opportunity to buy with savings of thousands.
Apple has launched the iPhone 15 series for its users. However, the craze of users regarding the previous series of iPhones has still not diminished.
Rozgar Mela: PM Modi distributed appointment letters to 51 thousand youth, said- New India is doing wonders today
Rozgar Mela: Prime Minister Narendra Modi today distributed appointment letters to 51 thousand youth through video conferencing. During this, he said that the new India is doing wonders and the
Zwigato : KRK made fun of Kapil Sharma regarding Zwigato, angry people said – he is better than a traitor
Comedian Kapil Sharma has entered the cinema halls with his film 'Zwigato'. This is the third film of Kapil who made his Bollywood debut with 'Kis Kisko Pyaar Karoon'. The journey of films has not
Weather Update Today: There will be heavy rain in these states including Himachal-Uttarakhand today, how will the weather be in Delhi-NCR?
Weather Update Today: According to the India Meteorological Department (IMD), there will be heavy rain in many states of the country today. There is also a possibility of storm and lightning during
PM Modi said at Semicon India Conference 2023 – India's electronics production crossed $ 100 billion
Prime Minister Narendra Modi (PM Modi) on Friday addressed the Semicon India Conference 2023 in Gandhinagar, Gujarat. During this, he appealed to the people to visit the Semicon India 2023 exhibition.
