Union Bank of Switzerland: UBS buys Credit Suisse for $3.23 billion, Swiss government announces


Posted on 20th Mar 2023 11:08 am by rohit kumar

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.

Did you know?Explore Trending and Topic pages for more stories like this.

 

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.

 

Also Read: Data Speed: India is ahead of Russia-Argentina in mobile data speed. The country reached 49th position

1 Like 0 Dislike
Previous news Next news
Other news

Ustaad Bhagat Singh: First glimpse of 'Ustaad Bhagat Singh' surfaced, Pawan Kalyan seen in strong police swag

Telugu superstar Pawan Kalyan has given a big gift to his fans. Actually, the first glimpse of hi

NDA Government: Preparations are underway to make Modi 3.0's swearing-in ceremony grand, Prime Ministers of these countries accepted the invitation

The National Democratic Alliance (NDA) got 293 seats in the Lok Sabha elections. Narendra Modi wa

World Cup 2023: These five players will play their last World Cup, three Indian names also included in the list

The ICC World Cup 2023 is going to start on October 5. Every team has geared up to make a splash

Indian Navy: When the ship was saved from pirates, the world recognized the strength of the Navy, know what the experts said

A ship was recently rescued from pirates in the Arabian Sea by the Indian Navy. The efficiency an

Manipur Violence: National Highway opened in Manipur after two months on Home Minister Shah's appeal, three were killed in firing

Violence continues in Manipur, but in the meantime, good news has come to the fore. National High

SRH vs CSK: Not Ruturaj Gaikwad, this player will change the luck! You can bet on these eleven players

Sunrisers Hyderabad (SRH) and Chennai Super Kings (CSK) will be eyeing a winning comeback when th

Air India: 'Looking closely at the situation, know why America said this about the Air India plane that landed in Russia

Air India flight AI173 from Delhi to San Francisco had a technical glitch in one of its engines o

Weather in Delhi-NCR aset to take a turn again today; strong winds and rain forecast, offering relief from the heat.

Delhi’s weather, which has been warming up again over the past two or three days, is set to

Delhi New CM: Will Delhi get a woman chief minister? These four names are in the race; Know how much truth is there in this claim.

After Sushma Swaraj, Sheila Dixit, and Atishi, Delhi can once again get a woman chief minister. B

Maha Kumbh stampede: There will be a judicial inquiry into the accident, a three-member committee will investigate and submit a report, and compensation of Rs 25 lakh will be given

The Chief Minister ordered a judicial inquiry into the accident and constituted a three-member ju

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash