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.
The wires of Vijay Yadav, the shooter who gunned down the infamous Sanjeev Jeeva, are being linke
These days, global star Deepika Padukone is in the headlines more for her pregnancy than her film
Haris Rauf criticized the critics after losing the second T20 match to New Zealand. Pakistani fan
ODI World Cup 2023 is to start from October 5. The Indian team will look to end the 10-year ICC t
These players will not go to Dubai with Team India for the Asia Cup 2025 BCCI took a surprising step
All the teams have geared up for the Asia Cup starting next month in the United Arab Emirates. Te
Ajit Pawar's rebellion in Maharashtra has disturbed the political equations of the opposition. Wh
Openers Sai Sudarshan and Rajvardhan Hungergekar starred as India A thrashed Pakistan A by eight
China Flood: Outcry due to heavy rains in China, record of 140 years was broken; 21 people died
Rain in China has broken the record of 140 years. In the last five days, 744.8 mm or 29.3 inches
A Bangladesh court delivered its verdict today against former Prime Minister Sheikh Hasina. The t
Once again a Hindu temple has been targeted in Canada. Anti-India slogans have been written on a
