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.
Sad news has come from the South film industry. Well-known stunt artist SM Raju died during the s
Central government in action to curb 'abuse' of Grok AI; contacted Elon Musk's X.
AI chatbot Grok appeared on the social media platform X of the world's richest man Elon Musk. But
Prime Minister Narendra Modi inaugurated Semicon India-2025 at Yashobhoomi in New Delhi. It is In
Landslides in various hilly areas near Meppadi in Wayanad district of Kerala on July 30 caused ma
Punjab Kings made a great start to their campaign by defeating Gujarat Titans by 11 runs thanks t
Delhi Chief Minister Arvind Kejriwal, arrested in the Delhi Excise Scam case, had filed a petitio
The air quality is continuously deteriorating in Delhi-NCR. Due to this, the fourth phase of grap
The first batch of 360 Indians evacuated from violence-hit Sudan under Operation Kaveri arrived i
Kazan Khan : Malayalam's 'dreaded villain' Kazan Khan died of a heart attack
In the last few days, many stars of the South Film Industry were engulfed in death. Recently, the
The Enforcement Directorate (ED) team is continuously in action regarding the alleged scam in the
