See Local News
Get Balanced News From Your U.S. State.
See Local News
See all locals

UBS is buying Credit Suisse in bid to halt banking crisis

Posted on AllSides March 20th, 2023
From The Left
Arnd Wiegmann/Reuters/FILE

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 unleashed by the failure of two American banks earlier this month.

“UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement Sunday. It said the rescue would “secure financial stability and protect the Swiss economy.”

UBS is paying 3 billion Swiss francs ($3.25 billion) for Credit Suisse, about 60% less than the bank was worth when markets closed on Friday. Credit Suisse...

Read full story
https://www.cnn.com/2023/03/19/business/credit-suisse-ubs-rescue

More News about Banking and Finance from the Left, Center and Right

From the Left

From the Center

From the Right