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.
Petrol Price Hike: It has begun in India as well—premium petrol prices rise by over ₹2.
Petrol and diesel prices have started rising in India. According to reports from oil companies, t
After Operation Sindoor, tensions between India and Pakistan are at their peak. Countries around
Thousands of people have lost their lives so far due to the ongoing war between Israel and Hamas
The Indian women's team achieved a historic victory on Sunday, winning the ODI World Cup for the
The much-awaited film 'Adipurush' starring superstar Prabhas, actress Kriti Sanon and Saif Ali Kh
Captain Rishabh Pant's half-century against Chennai Super Kings has boosted the morale of Delhi C
The Election Commission of India (ECI) made a significant announcement on Friday. The Commission
AFG vs IRE: Afghanistan could not celebrate Rashid Khan's return, Ireland washed out in 1st T20I
Thanks to the excellent bowling of leg spinner Ben White (4 wickets) and fast bowler Josh Little
The number of passengers who traveled by the buses of Roadways Varanasi region in the last year w
On Friday, the Kerala High Court granted relief to the makers of the film "The Kerala Story 2." A
