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.
Israel Hamas War Israel has declared war after the Hamas attack. The conflict is still going on i
Popular OTT platform Prime Video today announced the world premiere of the much-awaited film Bawa
Russian President Vladimir Putin met with the head of the Wagner Group, Yevgeny Prigozhin. The Kr
After 'Jawaan', Shahrukh Khan is all set to return to entertain his fans on the big screen with '
Serial pager blasts in several cities of Lebanon have created a sensation. 20 people died in the
The DMK government of Tamil Nadu has opened a front against the central government on the issue o
PM Modi said at Semicon India Conference 2023 – India's electronics production crossed $ 100 billion
Prime Minister Narendra Modi (PM Modi) on Friday addressed the Semicon India Conference 2023 in G
Bollywood's cute and talented actress Alia Bhatt is not dependent on any introduction today. Moth
In every season of the reality show 'Bigg Boss', the contestants do something or the other, which
There is good news for consumers before the festivals. Finance Minister Nirmala Sitharaman has cl
