Switzerland's UBS Group has bought the troubled Credit Suisse bank for $3.23 billion. The government of Switzerland announced this late on Sunday night. After the recent banking crisis, it is considered a major step to increase confidence in the global financial market. The whole deal is based on shares. Under this, shareholders of Credit Suisse will get one share of UBS for every 22.48 shares held.
Financial assistance of $ 108 billion will also be given
Under this deal, financial assistance of $ 108 billion will also be given to UBS and Credit Suisse from the Central Bank of Switzerland. Apart from this, the Swiss government will compensate UBS 9 billion Swiss francs for any loss in this deal. The 167-year-old Credit Suisse bank recently faced a financial crisis, after which the central bank of Switzerland gave Credit Suite a loan of $54 billion.
First Citizens considering the acquisition of Silicon Valley Bank
First Citizens Bankshare Industries is looking to acquire the bankrupt Silicon Valley Bank (SVB). Bloomberg has given this information citing people familiar with the development. It has also been said in the media report that another company is also considering the acquisition of the bank. However, when SVB and First Citizens were asked for their comments, they did not respond.
FDIC took over after bank failures
Reuters reported earlier this week that the Federal Deposit Insurance Corporation (FDIC) had asked banks interested in acquiring Silicon Valley and Signature Bank to submit bids by March 17. The FDIC has taken them over after the bankruptcy of both banks. A week ago, the FDIC tried to sell Silicon Valley Bank but failed. The FDIC is taking the services of investment bank Piper Sandler in this work.
A bench headed by Chief Justice (CJI) Justice DY Chandrachud on July 18 heard together the petiti
IND vs PAK U19: India got its first defeat in Under-19 Asia Cup, Pakistan defeated by eight wickets
Pakistan has defeated India by eight wickets in the Under-19 Asia Cup. Batting first at the ICC A
The Indian team, which was undefeated so far in the World Cup, got two days' rest after the match
Who will benefit from the India-US trade deal and how much? White House releases fact sheet
The Trump administration has described the India-US trade deal as historic. The White House says
The film 'Blue Beetle' is based on the DC comic book. The film's story revolves around Jamie Reye
We had come to see our stars. We had bought tickets for the ceremony but could not enter the stad
PM Modi in US: How Modi targeted China-PAK on US tour, read what he said to Biden about Russia
Prime Minister Narendra Modi on Thursday held bilateral talks with President Biden at the White H
Jimmy Donaldson, popularly known as MrBeast, has become the YouTuber with the most subscribers, l
Cheena ka bhaat and fafre ke pole...Modi became a fan of Hilly Feast.
Prim
NDA has chosen Narendra Modi as its leader. He can take oath as PM on 9th June at 6 pm. This time
