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.
Former MP Sanjay Nirupam on Thursday took a dig at the Congress leadership over his expulsion fro
Ranveer Singh's spy thriller film 'Dhruva' has been making headlines for several reasons. The fil
Vice President of India Jagdeep Dhankhar announced his resignation late on Monday evening. Citing
Lok Sabha elections are currently going on in the country. Voting has taken place in two phases.&
The new Income Tax Bill, 2025, which is being introduced in the Lok Sabha on February 13, has bee
After 27 years, the BJP government has been formed in Delhi. In the swearing-in ceremony held at
Sports Day is celebrated every year on 29 August in the country on the birth anniversary of Hocke
Happy to be bought by his old franchise Kolkata Knight Riders (KKR) for Rs 23.75 crore in the IPL
December 14 is the 100th birth anniversary of showman Raj Kapoor. On this occasion, the Kapoor fa
Indian all-rounder Hardik Pandya unleashed a devastating performance in the 5th T20 against South
