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.

 

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

DC vs RR: Sanju Samson was out controversially, then BCCI imposed a heavy fine; Know what mistake the RR captain made

The match against Delhi Capitals on Tuesday did not go well for Rajasthan Royals c

Anushka-Virat: Anushka Sharma told the secret of Kohli's fitness, revealed before the Adelaide Test

Indian batsman Virat Kohli is counted among the fittest cricketers in the world. He recently scor

New Toll Tax System: Now tolls will be collected through this technology, and there will be no long jams! Gadkari told the whole planning

Road Transport and Highways Minister Nitin Gadkari on Tuesday said that the Hybrid Annuity Model

Indo-Canada Row: Attempt to spoil the atmosphere in Dharamshala before the World Cup match, 'Khalistan Zindabad' written on the wall

Slogans of Khalistan Zindabad in Dharamshala: World Cup match is to be organized in Dharamshala.

Who is Mira Murati, who got the responsibility of CEO of Open AI, and played a special role in creating ChatGPT; What is the relationship with India?

ChatGPT maker Open AI has dismissed its CEO Sam Altman. The company has raised questions about hi

West Bengal SIR Row: Election Commission's special observer says hearing objections is more complex and challenging than conducting a census.

The hearing phase of the voter list revision in West Bengal is at a challenging juncture. Subrata

Dharmendra Health Update: Hema Malini was seen outside the hospital, and sadness was visible on her face.

Hema Malini looked extremely sad when she was spotted outside Mumbai's Breach Candy Hospital, whe

Operation Shield: Mock drill again today in four states bordering Pakistan, practice to avoid air strikes

Amid the ongoing tension with Pakistan, mock drills will be conducted again on Saturday in the fo

Mukhtar Ansari: Had this BJP leader not been there, there would not have been Mukhtar-Mukhtar, more than 400 rounds of bullets were fired from AK-47 to kill him.

Mukhtar Ansari Death Mukhtar Ansari was not only a criminal but he also had a stronghold in the p

Angelo Mathews on timed-out dismissal: 'Never seen anyone stooping so low', Angelo Mathews lashed out at Bangladesh

The 38th match of the World Cup 2023 between Bangladesh and Sri Lanka on Monday was full of contr

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