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

Dengue has declared 'epidemic' in Karnataka, Siddaramaiah government is in action mode; Heavy fines will be imposed on those who do not follow the rules

Karnataka Dengue Cases Karnataka is witnessing a steady increase in dengue cases. Due to the rapi

Sachin Tendulkar: 'Should I send my Aadhaar card too?' Sachin Tendulkar's funny reply, fans are surprised; he also took a dig at umpire Bucknor

Cricket's 'Master Blaster' Sachin Tendulkar's funny response to a fan's question during a recent

IND vs ENG Test: After debut, Sarfaraz Khan talked to Musheer on a video call, after watching the video you will also say – Bhai ho to aisa.

Mumbai's explosive batsman Sarfaraz Khan got a chance to wear the jersey of the Indian Test team

People were trampled underfoot, women and children were jostled; fans narrated eyewitness accounts of the Bengaluru stampede.

We had come to see our stars. We had bought tickets for the ceremony but could not enter the stad

Delhi Pollution: Before Diwali, breathing problem persists in the capital, AQI crosses 300; toxic foam visible in Yamuna

Delhiites are facing breathing problems. The AQI of many areas of the capital has been recorded a

Ayodhya Ram Mandir: 3.5 to 4 lakh devotees are visiting the temple daily, the number of donation counters increased from 6 to 32

Due to Prayagraj Maha Kumbh, the number of devotees in Ram Mandir has increased three times. Sinc

Bakrid Eid ul Adha 2025: Prayers for peace at the Taj Mahal, everyone got free entry from seven in the morning

Prayers were offered for peace and prosperity in the country on Bakrid at the Taj Mahal. Morning

288/232: The Waqf bill will be presented in Rajya Sabha today; This is how it was approved in Lok Sabha after 12 hours of discussion; Know who said what

The Lok Sabha passed the Waqf Amendment Bill by majority at around 1 am on Wednesday. 288 votes w

Corona Cases in India: Coronavirus is scaring, 602 new cases found in the country Five people died

Corona Cases in India: A decrease in Corona cases was recorded in the country a day ago, but toda

New GST Rates: Answers to 10 questions arising from the decision of 5 and 12 percent GST, which directly affect the common man
The GST Council has made a historic reform in the rates of indirect taxes and has approved only tw

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