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

Bangladesh Protests: At least 300 people have died so far in Bangladesh due to violence, and curfew imposed across the country

Students' protest against reservation continues in Bangladesh. There is a curfew here at 6 pm on

Amit Shah: The Home Minister said- the aim is that Hindi should become the friend of local languages, he became the head of the Parliamentary Official Language Committee again

Union Home and Cooperation Minister Amit Shah said that after 75 years of independence, the count

Bangladesh: Will Hindu saint Chinmay Das be able to come out of jail, A hearing on his bail will be held today

Eleven Supreme Court lawyers will participate in Thursday's bail hearing of former ISKCON priest

MI vs RCB: After 10 years, Bangalore defeated Mumbai at Wankhede, Krunal Pandya shone after Kohli-Patidar

On the strength of Krunal Pandya's lethal bowling, Royal Challengers Bangalore (RCB) defeated Mum

Made In Heaven Season 2: Mona Singh's entry in 'Made in Heaven Season 2', the series will be released on OTT on this day

The first season of the popular web series 'Made in Heaven' premiered in 2019. The audience liked

Sheikh Hasina: Whether to return Sheikh Hasina or not... India should decide, Bangladesh's Yunus government's statement causes panic

Sheikh Hasina, who left the country and the post of Prime Minister on August 5, is currently in I

Weather Update Today: Bye-bye rains in North India! The temperature will reach 35 degrees, read where Badra will rain

In many states including Delhi, UP, and Uttarakhand, it has been raining heavily for the last few

When Virat Kohli's Instagram account was deactivated, fans started demanding answers from Anushka Sharma, causing an uproar on social media.

The news of Indian cricket star Virat Kohli's Instagram account being deactivated caused a stir o

DM-SP applied Tilak in a temple that was closed for 46 years, Sambhal city Qazi gave a statement- Muslims are being defamed…

After the lock of the temple which was closed for the last 46 years in the Muslim-dominated area

PM Modi holds bilateral talks with several leaders on sidelines of AI Summit, focusing on trade and technology cooperation

On the sidelines of the AI ​​Impact Summit, Prime Minister Narendra Modi held bilateral talks

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