Credit Suisse stock

2023 - 3 - 19

UBS is buying Credit Suisse in bid to halt banking crisis (CNN)

Switzerland's biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic ...

It had more than 50,000 employees at the end of 2022. It was worth just $8 billion at the end of last week. The global headquarters of UBS and Credit Suisse are just 300 yards apart in Zurich but the banks’ fortunes have been on very different paths recently. Shares in the 167-year-old bank fell 25% over the week, money poured from investment funds it manages and at one point account holders were withdrawing deposits of more than $10 billion per day, the Financial Times reported. “UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement. In 2022, it recorded its worst loss since the global financial crisis.

UBS To Buy Credit Suisse in $2 Billion All Stock Deal (Investopedia)

Financial Times reports that the two banks had little interaction, and that the Swiss government is working on changing rules that require a six-week ...

[ailing stock price](https://www.investopedia.com/shares-of-credit-suisse-plummet-to-all-time-lows-7255792). Most recently, the firm found ["material weakness"](https://www.investopedia.com/credit-suisse-material-weakness-7255239) in its accounting procedures, delaying its annual report and sparking questions from the U.S. 3 The Swiss National Bank will also offer UBS a 100 billion CHF ($108 billion) credit line to sweeten the terms.4 However, this transaction means a "complete write-down) of 16 billion CHF ($17.28 billion) of Credit Suisse bonds that will become worth nothing.2 We have structured a transaction which will preserve the value left in the business while limiting our downside exposure. "[A]s far as Credit Suisse is concerned, this is an emergency rescue.

UBS to Buy Credit Suisse in $3.3 Billion Deal to End Crisis (Bloomberg)

UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to ...

UBS shares slide 14%, Credit Suisse craters 63% after takeover deal (CNBC)

UBS Chairman Colm Kelleher said the acquisition was “attractive” for UBS shareholders, but clarified that, “as far as Credit Suisse is concerned, this is an emergency rescue.”.

The size of Credit Suisse was a concern for the banking system, as was its global footprint given its multiple international subsidiaries. This could set in train renewed jitters about the health of banks." "Acquiring Credit Suisse's capabilities in wealth, asset management and Swiss universal banking will augment UBS's strategy of growing its capital-light businesses." The bank's Chairman Colm Kelleher said the acquisition was "attractive" for UBS shareholders but clarified that "as far as Credit Suisse is concerned, this is an emergency rescue." Credit Suisse shares collapsed by 60% at around 9:05 a.m. London time (5:05 a.m.

Credit Suisse, UBS shares plunge after takeover announcement (WTVD-TV)

Shares of Credit Suisse and other banks plunged after the failure of two banks in the U.S. raised questions about other global financial institutions.

The stock has seen a long downward slide: It traded at more than 80 francs in 2007. "An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system." As part of the deal, approximately 16 billion francs ($17.3 billion) in Credit Suisse bonds will be wiped out. The bank did weather the 2008 financial crisis without assistance, unlike UBS. She reiterated that the European banking sector is resilient, with strong financial reserves and plenty of ready cash. and the Federal Reserve to prevent a crisis similar to what occurred in 2008. European bank regulators use a special type of bond designed to provide a capital cushion to banks in times of distress. The deal follows the collapse of two large U.S. "Today is one of the most significant days in European banking since 2008, with far-reaching repercussions for the industry," said Max Georgiou, an analyst at Third Bridge. Swiss authorities urged UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank's customers. He said the combined group would create a wealth manager with over $5 trillion in total invested assets. Shares of Credit Suisse and other banks plunged after the failure of two banks in the U.S.

Investors punish UBS after Credit Suisse rescue, shares plummet (Reuters)

Shares in UBS plunged on Monday, heading for their biggest one-day fall since 2008 after its weekend rescue of ailing rival Credit Suisse ignited concerns ...