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.

Did you know?Explore Trending and Topic pages for more stories like this.

 

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

Microsoft Creates Stock Market History: Adds ₹39 Lakh Crore in One Session, Reclaims No.1 Spot from Nvidia

Microsoft has scripted history on Wall Street by adding nearly $450 billion (around ₹39 lakh cr

India-US Trade Deal may be sealed this month, will it no longer be affected by Trump's tariffs?

India and the US are working hard to finalise a beneficial trade deal by the end of this month.

Waqf Amendment Bill: 'No one will understand anyone's bad words or sorrows, the sky will never understand the pain of the earth', said Rijiju in Lok Sabha

Parliamentary Affairs Minister Kiren Rijiju introduced the Waqf Amendment Bill in the Lok Sabha o

India vs Sri Lanka: 'Sixer King' Rinku Singh is ready to make a splash in Sri Lanka; called his parents and said - something good will happen

IPL star and Sixer King Rinku Singh is ready to rock the series starting in Sri Lanka with his ba

'He is not doing anything right...', why did Pope Francis get angry at Trump before the swearing-in ceremony?

America's newly elected President Donald Trump (Trump Oath Ceremony) will take oath today (Januar

Who was Pankaj Dheer? Temples have been built in his name, and fans worship him; he acted in these films and serials.

Actor Pankaj Dheer, who played Karna in the serial "Mahabharata," has passed away. He was 68 year

NPS Rule Change: Autonomous Body Employees Get 2 New Investment Options; Know Key Benefits

The Central Government has announced a major reform under the National Pension System (NPS), offe

Aishwarya Rai: Aishwarya Rai reached the Delhi High Court, made this appeal regarding AI-generated photos

Famous Bollywood actress Aishwarya Rai Bachchan has knocked on the door of the Delhi High Court.

IND vs NZ: Has the BCCI declared Shreyas Iyer fit for the New Zealand series? The first match will be played on January 11.

Indian batsman Shreyas Iyer has been declared fit for the three-match ODI series against New Zeal

Uttarkashi Tunnel: The company will bear the expenses of the Silkyara Tunnel rescue operation, NHIDCL is preparing the details.

Navyuga, the company constructing it, will bear the expenses of the rescue operation to safely ta

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