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.

 

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

Constitution completes 75 years: President Murmu will address the joint session of Parliament today; year-long celebrations will continue.

On the occasion of the completion of 75 years of adoption of the Constitution, the Central Govern

RG Kar case: Mamata government reaches High Court against the decision of Sealdah court, gets permission to file appeal

The West Bengal government on Tuesday filed an appeal in the Calcutta High Court requesting the d

Last Date of Exchange: Today is the last date to exchange ₹2000 notes, what will happen next after the deadline ends?

The last date to return or exchange Rs 2,000 notes is today. According to the Reserve Bank of Ind

Amitabh Bachchan: Amitabh's love for his son was once again evident, he said- 'Abhishek, you did it'

Amitabh Bachchan never misses a chance to praise his son and actor Abhishek Bachchan. He often sh

PM Modi spoke to Trump: 'India has never accepted mediation, nor will it ever do so'; frank words on 'Operation Sindoor'

Prime Minister Narendra Modi has spoken to Donald Trump who returned to America leaving the G7 su

Republic Day: IAF's flypast will be spectacular on Republic Day, Dornier 228 aircraft will fly with turbine and biofuel

Republic Day 2024: This time on the occasion of Republic Day, heritage aircraft Dakota has been i

Donald Trump: 'Things are going to get difficult for the Greenland PM,' Donald Trump makes a major statement amid tensions with Denmark.

President Donald Trump has been repeatedly making statements about bringing Greenland under US co

India-China Relation: If the trade with India decreased, then the wind came out of China, now it is requesting to improve relations

India-China Relation After deteriorating relations with India, now China's arrogance has started

Bihar Election: Rahul Gandhi said- Election Commission is stealing our voters in Bihar, the same was done in Maharashtra

Leader of Opposition in Lok Sabha and Congress MP Rahul Gandhi has fiercely attacked the PM Modi

New Rules 1 July 2025: From railway fare to Aadhaar-PAN... these rules have changed across the country from today, it will affect your pocket

Today, from July 1, 2025, many big changes are being implemented in the country, which will direc

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