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.
Amarnath Yatra: LG flagged off the first batch for Amarnath Yatra; Tight security arrangements made
The first batch for the Amarnath Yatra has left. LG Manoj Sinha flagged off the first batch early
Nayanthara recently accused Dhanush of refusing to permit to use of scenes from the film 'Naanum
IPL has given many new cricket stars to the world. This league has given India many superstars li
Ind W vs Pak W: invincible India's record intact, Pakistan is also in bowling after batting
India has continued its campaign in the Women's World Cup by defeating Pakistan by 88 runs. Earli
Terrorists have created a havoc of death in Pahalgam, Jammu, and Kashmir, which is called heaven
All the parties have geared up for the Lok Sabha elections. There is a tough competition between
Sunny Deol: 'Gadar 3'- Sunny Deol fed up with the rumors of Border 2, the actor had to say this
Sunny Deol's star is at its peak these days. His film Gadar 2, released last year, created a stir
The government led by Prime Minister KP Sharma has had to admit defeat in front of Nepal's Genera
Actor and film director Manoj Kumar died at the age of 87 at Kokilaben Dhirubhai Ambani Hospital.
Today is the second day of the special session of Parliament. From today, Parliament proceedings
