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.
Team India had to face defeat against England at Lord's. Due to this defeat, the Indian team has
Project K at San Diego Comic-Con Event: After sharing screen space with Kriti Sanon in Adipurush,
Like coach Dravid, will Sanju Samson also leave RR before IPL 2026? Inside news came out
Indian team's star batsman and long-time Rajasthan Royals player Sanju Samson's relationship with
The rapid pace of quick commerce has now been slowed down. Following continuous efforts and sever
'Show some mercy,' Vijay Verma lashes out at media over Malaika Arora's father's suicide case.
After the death of father Anil Mehta, the family of actress Malaika Arora and Amrita Arora is goi
Mark Margolis Death: 'Breaking Bad' fame star Mark Margolis passes away, Bryan Cranston pays tribute
'Breaking Bad' fame actor Mark Margolis has passed away. Mark breathed his last at New York's Mou
For the devotees of Ram who were disappointed after watching the film version of Ramkatha 'Adipur
The much-awaited elections to the Jammu and Kashmir Assembly have finally been announced, which w
Ramadan 2023: Exhibition of rare manuscripts of handwritten Quran started at Srinagar SPS Museum
The Shri Pratap Singh Museum in Srinagar on Thursday launched an exhibition of rare manuscripts o
Social media platform X (formerly Twitter) may be responsible for all the content created by its
