The Swiss government approved this deal and provided guarantees to the country’s regulator to provide liquidity to Credit Suisse.
The largest Swiss bank UBS acquired the bank Credit Suisse, which found itself in a difficult financial situation. It was found out on Sunday, March 19.
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The value of this takeover deal reached 3 billion Swiss francs ($3.24 billion).
“Under the deal, which includes all shares, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares, equal to 0.76 francs ($0.82 – ed.), for a total value which is 3 billion francs.” , UBS said in a statement.
Similar information is available on the Credit Suisse website.
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In turn, the Federal Council (government) of Switzerland approved this deal and provided guarantees to the country’s regulator to provide liquidity to Credit Suisse.
“The Federal Council supports the acquisition of Credit Suisse by UBS. In order to strengthen the stability of the financial markets ahead of this acquisition, the Swiss Confederation provides a guarantee to the Swiss National Bank to provide Credit Suisse with additional assistance in the form of liquidity,” the government said.
In addition, the state will provide guarantees to Credit Suisse for 9 billion francs ($9.72 billion) to “reduce the risks for this institution in connection with the acquisition of certain assets” that could lead to losses.
It will be recalled that this week Credit Suisse shares fell to their lowest level after a Saudi investor refused to increase his stake in the bank. Concerns about the financial condition of Credit Suisse aroused the world markets, in particular, the shares of European banks fell sharply.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.