
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.
Big news for the candidates who appeared in the Company Secretary June 2023 examinations. CS Prof
Ambedkar Statue : 125 feet tall statue of Ambedkar in Hyderabad, KCR unveiled
Ambedkar's statue in Hyderabad: Telangana Chief Minister K Chandrasekhar Rao on Friday unveiled a
Nationalist Congress Party (NCP) leader Baba Siddiqui was shot dead in Mumbai on Saturday night.
Prime Minister Narendra Modi is going to visit Maharashtra today, where he will inaugurate the ci
Good Friday 2023: 'Good Friday', one of the main festivals of Christianity, will be celebrated th
Elections will be held on May 25 in the sixth phase on five Lok Sabha seats in three di
Munawar Faruqui Mobbed: Badly Trapped in Crowd, Fans Shove and Push; Security Steps In to Rescue Him
A video is currently going viral on social media, in which Munawar Faruqui is seen badly mobbed b
The 2026 IPL season is set to commence on March 28, with the Rajasthan Royals kicking off their c
Salaar Twitter Review: A day after the release of Shah Rukh Khan's 'Dinky', finally Rebel Star Pr
Well-known YouTuber Ranveer Allahabadia is in the news these days for his controversial statement