Credit Suisse rescue rebuked by half of Swiss parliament
1 year, 8 months ago

Credit Suisse rescue rebuked by half of Swiss parliament

Associated Press  

GENEVA — Switzerland’s lower house of parliament issued a searing — though symbolic — rebuke Wednesday of an emergency plan spearheaded by the executive branch to prop up embattled Credit Suisse and shepherd it into a takeover by Swiss banking rival UBS. The National Council, through an unusual left-right alliance, voted twice over the last day to reject government guarantees authorized last month of 100 billion Swiss francs to help keep Credit Suisse afloat and 9 billion francs to help UBS mop up any losses it may incur in the deal. Finance Minister Karin Keller-Sutter, who has been at the epicenter of a political firestorm around the 3 billion franc Credit Suisse-UBS deal, told lawmakers that capital requirements would be increased — and “you can start from the premise that big banks will face more severe restrictions.” But Nordmann, who had questioned the minister on that issue, said by phone that Keller-Sutter hadn’t presented any clear measures and was too noncommittal. Both the Swiss central bank and the government splashed out more than 200 billion Swiss francs in guarantees to help underpin the fusion of the country’s top two banks and keep Credit Suisse from failing.

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History of this topic

What Switzerland should have done to save Credit Suisse
3 days, 12 hours ago

What Switzerland should have done to save Credit Suisse

Live Mint  

Switzerland might have averted the collapse of Credit Suisse, its second largest bank, if the country’s financial regulator took a harder line overseeing it and enforcing capital rules, a parliamentary report found Friday. UBS said Friday it didn’t receive regulatory concessions like Credit Suisse did, and now holds additional capital since the merger. The parliamentary report traced Credit Suisse’s problems …

Switzerland lays out new ‘too big to fail’ rules in wake of Credit Suisse banking turmoil last year
8 months, 1 week ago

Switzerland lays out new ‘too big to fail’ rules in wake of Credit Suisse banking turmoil last year

Associated Press  

GENEVA — The Swiss government Wednesday announced steps to bolster its “too big to fail” rules aimed at avoiding potentially disastrous fallout from banking sector turmoil after woes last year at Credit Suisse before it was taken over by rival UBS. Finance Minister Karin Keller-Sutter told reporters that the measures will aim to protect taxpayers — who were briefly on …

Swiss bank UBS reports pretax loss in 4Q, plans share buybacks after Credit Suisse deal wraps up
10 months, 2 weeks ago

Swiss bank UBS reports pretax loss in 4Q, plans share buybacks after Credit Suisse deal wraps up

Associated Press  

GENEVA — UBS on Tuesday reported a fourth-quarter pretax loss of more than $750 million as the Swiss banking giant continued to integrate its longtime rival Credit Suisse after a government-orchestrated merger. “While our progress over the next three years will not be measured in a straight line, our strategy is clear.” The bank said net new assets came in …

Swiss financial regulator gets a new leader as UBS-Credit Suisse merger sparks calls for reform
10 months, 4 weeks ago

Swiss financial regulator gets a new leader as UBS-Credit Suisse merger sparks calls for reform

Associated Press  

GENEVA — Switzerland’s financial markets authority is getting a new chief executive as the rich Alpine country looks at ways to strengthen regulations after UBS hurriedly took over ailing rival Credit Suisse last year partly to prevent a global banking meltdown. The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central …

Credit Suisse crisis: UBS Chairman points at failure of board, management
11 months ago

Credit Suisse crisis: UBS Chairman points at failure of board, management

Live Mint  

UBS Chairman Colm Kelleher launched a scathing attack on Credit Suisse, blaming its recent woes on leadership failures at all levels. UBS's return on equity may be higher than currently expected once the integration of its former rival, Credit Suisse, has been completed, its chairman said on January 17. Kelleher indicated his support for increased regulation in UBS's home market, …

UBS to cut more than half of workforce at Credit Suisse: Report
1 year, 5 months ago

UBS to cut more than half of workforce at Credit Suisse: Report

Hindustan Times  

Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse -- more than half its workforce -- as part of the emergency rescue takeover of its rival in March, according to a report by Bloomberg News on Tuesday. The logos of the Swiss banks Credit Suisse and UBS are pictured in Zurich, Switzerland, June 12. Credit Suisse had …

Swiss central bank urges review of 'too big to fail' bank safeguards after Credit Suisse debacle
1 year, 6 months ago

Swiss central bank urges review of 'too big to fail' bank safeguards after Credit Suisse debacle

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Switzerland's central bank said the …

Swiss central bank urges review of ‘too big to fail’ bank safeguards after Credit Suisse debacle
1 year, 6 months ago

Swiss central bank urges review of ‘too big to fail’ bank safeguards after Credit Suisse debacle

Associated Press  

FRANKFURT, Germany — Switzerland’s central bank said the government and regulators should carry out an in-depth review of rules aimed at preventing disastrous bank collapses, saying key guardrails failed to prevent Credit Suisse from needing to be rescued by Swiss competitor UBS. “Looking forward, the experience with Credit Suisse shows the need for a review of the TBTF framework in …

UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil
1 year, 6 months ago

UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil

Associated Press  

BERLIN — UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil. A statement from the bank said that “UBS …

Over $68 billion withdrawn from Swiss' Credit Suisse ahead of UBS merger
1 year, 7 months ago

Over $68 billion withdrawn from Swiss' Credit Suisse ahead of UBS merger

Hindustan Times  

Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank's earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover. The bank also reported deceptively bloated net profits for the quarter, Read here: Credit Suisse rescue package rejected by Swiss parliament Switzerland's long-time second largest bank …

Over $68 billion withdrawn from Credit Suisse ahead of UBS takeover
1 year, 7 months ago

Over $68 billion withdrawn from Credit Suisse ahead of UBS takeover

Live Mint  

More than $68 billion had been withdrawn from Credit Suisse in the first three months of 2023, the bank said Monday in what are likely its final quarterly results before it is swallowed by rival UBS. Credit Suisse said the "significant net asset outflows" were particularly heavy in the second half of March, as it was engulfed by panic prior …

Credit Suisse investors sue after facing billions in losses
1 year, 8 months ago

Credit Suisse investors sue after facing billions in losses

Associated Press  

LONDON — A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses. The investors are contesting an order by the Swiss Financial Market Supervisory Authority, or FINMA, that wiped out about 16 billion Swiss francs in higher-risk Credit Suisse bonds as part …

Credit Suisse investors sue Swiss financial regulators for UBS takeover
1 year, 8 months ago

Credit Suisse investors sue Swiss financial regulators for UBS takeover

Live Mint  

A group of investors of Credit Suisse has filed a lawsuit against Swiss financial regulators following a takeover of the bank by UBS that left them with substantial losses. The investors are challenging the decision by the Swiss Financial Market Supervisory Authority to eliminate about 16 billion Swiss francs in higher-risk Credit Suisse bonds as part of an emergency rescue. …

Credit Suisse accused of obstructing probe into Nazi accounts investigation
1 year, 8 months ago

Credit Suisse accused of obstructing probe into Nazi accounts investigation

Hindustan Times  

Credit Suisse Group AG was accused by US lawmakers of impeding an investigation into its historical assistance to Nazis that had revealed a number of previously undisclosed accounts. The latest internal Credit Suisse investigation was conducted by forensic research firm AlixPartners and overseen by Neil Barofsky, The allegations relate to an internal probe started after the Simon Wiesenthal Center informed …

US Fed approves UBS-Credit Suisse merger. Details here
1 year, 8 months ago

US Fed approves UBS-Credit Suisse merger. Details here

Live Mint  

UBS-Credit Suisse merger: The Board of Governors of the US Federal Reserve has given its approval to the UBS Group AG and Credit Suisse Bank deal. The US Fed informed about the development and said that it has given its approval to the UBS-Credit Suisse deal for acquisition of the US subsidiaries of Credit Suisse by UBS Group AG. In …

Credit Suisse rescue package rejected by Swiss parliament
1 year, 8 months ago

Credit Suisse rescue package rejected by Swiss parliament

Hindustan Times  

Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing. REUTERS/Denis Balibouse/File Photo While the upper house had approved the government's contribution to the rescue package, parliament's lower, and larger chamber, pushed back again on Wednesday. Following a day …

Swiss lawmakers pick apart Credit Suisse woes ahead of deal
1 year, 8 months ago

Swiss lawmakers pick apart Credit Suisse woes ahead of deal

Associated Press  

GENEVA — Switzerland’s parliament opened a special session Tuesday to scrutinize the state-imposed takeover of Swiss bank Credit Suisse by rival UBS — and consider strengthening the legal arsenal to better gird against financial blowups. Johanna Gapany, a centrist lawmaker and rapporteur for the upper chamber’s finance commission, said the parliamentary panel had made three main proposals: change competition rules …

Swiss lawmakers slams govt on UBS-Credit Suisse deal
1 year, 8 months ago

Swiss lawmakers slams govt on UBS-Credit Suisse deal

Hindustan Times  

Swiss lawmakers voiced their discontent over the takeover of Credit Suisse Group AG, criticizing the government’s use of emergency measures and blaming the bank’s management. “Tens of thousands of employees worry for their jobs.” The extraordinary parliamentary meeting, scheduled for three days starting Tuesday, is the latest battleground for the government to justify why it brokered Credit Suisse’s takeover by …

UBS confident about Credit Suisse deal despite ‘huge’ risk
1 year, 8 months ago

UBS confident about Credit Suisse deal despite ‘huge’ risk

Associated Press  

GENEVA — The UBS chairman voiced confidence Wednesday that the Swiss bank will succeed in a government-engineered takeover of hobbled rival Credit Suisse, pledging the deal will reduce costs, benefit shareholders and buttress Swiss finance despite “huge” risks in knitting the global lenders together. Speaking to UBS shareholders, Colm Kelleher gave an overview of the 3 billion Swiss franc takeover …

Swiss cut up to $66M in bonuses for top Credit Suisse execs
1 year, 8 months ago

Swiss cut up to $66M in bonuses for top Credit Suisse execs

Associated Press  

GENEVA — The Swiss government says it’s ordered cuts to the bonuses of top executives of Credit Suisse, with nearly 1,000 managers being “deprived” of tens of millions combined as the troubled bank heads toward a forced merger with rival UBS. The rescue capped years of trouble at Credit Suisse — among 30 banks worldwide considered “systemically important” — after …

Swiss regulators defend rescue of Credit Suisse via UBS deal
1 year, 8 months ago

Swiss regulators defend rescue of Credit Suisse via UBS deal

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The head of the Swiss …

Swiss financial regulator defends Credit Suisse takeover by UBS
1 year, 8 months ago

Swiss financial regulator defends Credit Suisse takeover by UBS

Hindustan Times  

The head of the Swiss financial regulator on Wednesday defended the rescue of Credit Suisse through a controversial takeover by rival bank UBS as the best solution with least risk of spreading a wider crisis and severe damaging Switzerland's standing as a financial centre. “One can well imagine, what devastating effect the insolvency of a big wealth management bank of …

UBS Chairman’s top-secret prep paid off in Credit Suisse moment
1 year, 8 months ago

UBS Chairman’s top-secret prep paid off in Credit Suisse moment

Live Mint  

UBS Group AG pulled off one of the biggest bank deals ever in a matter of days. “While we did not initiate discussions, we believe that this transaction is financially attractive for UBS shareholders.” Kelleher and UBS’s board will face shareholders who were denied a vote on the deal at the firm’s annual meeting on Wednesday, a day after Credit …

'Truly sorry': Credit Suisse chiefs apologise to angry shareholders
1 year, 8 months ago

'Truly sorry': Credit Suisse chiefs apologise to angry shareholders

Firstpost  

The 167-year-old bank’s final AGM was the first chance Credit Suisse shareholders had to voice their frustrations, and some were in tears as they counted the cost of the bank’s implosion Zurich, Switzerland: Credit Suisse chairman Axel Lehmann said Tuesday he was “truly sorry” that the beleaguered bank could not be saved as he faced angry and tearful shareholders whose …

Credit Suisse investors slam failures as chairman apologizes
1 year, 8 months ago

Credit Suisse investors slam failures as chairman apologizes

Associated Press  

ZURICH — Credit Suisse shareholders on Tuesday upbraided the Swiss bank’s leaders for years of mismanagement, scandal and obfuscation that sent its stock price into the gutter, while executives apologized and insisted that the only way forward for the once-venerable lender was a government-engineered takeover by rival UBS. A largely polite — if at times boisterous, emotional, angry and even …

‘Your money is no longer safe in Switzerland,’ Credit Suisse ex-employee says
1 year, 8 months ago

‘Your money is no longer safe in Switzerland,’ Credit Suisse ex-employee says

Live Mint  

Credit Suisse's annual general meeting was dominated by angry shareholders venting their frustration with the bank's directors. One shareholder even offered a bag of walnuts, which they claimed was worth the same as a Credit Suisse share, while another unveiled a spray-painted T-shirt reading “Stop the rip-off.” The discrepancy between the bank's bonuses and profits over the past twelve years …

Credit Suisse chairman says ’sorry’ for bank failure, ’Only two options left...’
1 year, 8 months ago

Credit Suisse chairman says ’sorry’ for bank failure, ’Only two options left...’

Live Mint  

Credit Suisse's chairman apologised for taking the Swiss bank to the brink of bankruptcy, as he faced shareholder fury, reported Reuters. The bank's chairman Axel Lehmann issued an apology, saying he had run out of time to turn the bank around, despite his belief "until the beginning of the fateful week" that the it could survive. “I apologise that we …

Swiss prosecutors probe Credit Suisse ahead of takeover; UBS to fire 30% staff
1 year, 8 months ago

Swiss prosecutors probe Credit Suisse ahead of takeover; UBS to fire 30% staff

Live Mint  

Days after the Credit Suisse takeover was announced, Swiss authorities are now probing the events leading up to the massive deal. The attorney general's office said Monday that it wanted to “proactively fulfil its remit and its responsibility to contribute to a clean Swiss financial sector.” An AP report also quoted authorities to add that the AG's office had set …

Swiss prosecutors probe Credit Suisse ahead of UBS takeover
1 year, 8 months ago

Swiss prosecutors probe Credit Suisse ahead of UBS takeover

Associated Press  

GENEVA — The Swiss attorney general’s office says it has opened a probe into the events surrounding embattled bank Credit Suisse, which is to be taken over by rival UBS. The attorney general’s office said Monday that it wanted to “proactively fulfill its remit and its responsibility to contribute to a clean Swiss financial sector.” It said that it has …

Up to 30% of jobs may go in UBS-Credit Suisse merger, say reports
1 year, 8 months ago

Up to 30% of jobs may go in UBS-Credit Suisse merger, say reports

Firstpost  

Geneva, Switzerland: The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across the world, the SonntagsZeitung weekly reported on Sunday. UBS announced on Wednesday it would bring back former chief executive Sergio Ermotti to handle the huge risks involved in the Swiss banking giant’s controversial absorption of its troubled rival Credit Suisse. UBS …

Credit Suisse takeover hits heart of Swiss banking, identity
1 year, 8 months ago

Credit Suisse takeover hits heart of Swiss banking, identity

Associated Press  

GENEVA — The UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center, analysts say, warning that the country’s prosperity could grow too dependent on a single banking behemoth. “The danger is that over time, it will take more risks knowing that it is too big for the Swiss state …

US: Credit Suisse violates deal on rich clients’ tax evasion
1 year, 8 months ago

US: Credit Suisse violates deal on rich clients’ tax evasion

Associated Press  

GENEVA — Credit Suisse violated a plea agreement with U.S. authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes, U.S. lawmakers said Wednesday, releasing a two-year investigation that detailed the role employees at the embattled Swiss bank had in aiding tax evasion by clients. Credit Suisse, whose yearslong troubles range from hedge fund …

UBS brings back former CEO with Credit Suisse deal ahead
1 year, 8 months ago

UBS brings back former CEO with Credit Suisse deal ahead

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Credit Suisse accessed billions in liquidity last weekend, says Swiss finance minister
1 year, 8 months ago

Credit Suisse accessed billions in liquidity last weekend, says Swiss finance minister

Firstpost  

Finance Minister Karin Keller-Sutter said ‘it is to be assumed’ that the figure was above 50 billion Swiss francs, but said the Swiss National Bank had the exact number Zurich: Credit Suisse tapped the Swiss National Bank for “a large multi-billion amount” last weekend to secure its liquidity, the country’s finance minister Karin Keller-Sutter told Swiss broadcaster SRF on Saturday. …

UBS and Credit Suisse merger: Why it might not lead to Swiss bliss
1 year, 8 months ago

UBS and Credit Suisse merger: Why it might not lead to Swiss bliss

Firstpost  

Geneva: The marriage of UBS and Credit Suisse was hastily arranged to prevent a global financial meltdown — but the size of the resulting megabank could cause domestic problems in Switzerland, the central bank admitted Thursday. The Swiss National Bank, which played matchmaker in Sunday’s takeover of Credit Suisse, said the formation of one giant bank in Switzerland would create …

Credit Suisse deal averted crisis, Swiss central bank says
1 year, 9 months ago

Credit Suisse deal averted crisis, Swiss central bank says

Associated Press  

GENEVA — The Swiss central bank hiked its key interest rate Thursday and declared that a government-orchestrated takeover of troubled Credit Suisse by rival bank UBS ended the financial turmoil. In a statement, the Swiss National Bank said it is providing large amounts of support for the deal to merge Switzerland’s biggest banks and that the late Sunday announcement by …

US Fed Raises Key Rate by Quarter-Point Amid Global Banking Turmoil
1 year, 9 months ago

US Fed Raises Key Rate by Quarter-Point Amid Global Banking Turmoil

News 18  

The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two U.S. banks. Though the Federal Open Market Committee policy statement said the U.S. banking system is “sound and resilient,” …

Credit Suisse customers feel mix of anger, relief after sale
1 year, 9 months ago

Credit Suisse customers feel mix of anger, relief after sale

Associated Press  

GENEVA — Fury at top Credit Suisse managers. On Swiss streets, emotions were running the gamut among Credit Suisse customers after the government this weekend orchestrated a takeover of the country’s second-largest bank by rival UBS — a bid to prevent further upheaval in the global financial system that began with the collapse of two U.S. banks. “My money is …

New chapter of capitalism emerges from the banking crisis
1 year, 9 months ago

New chapter of capitalism emerges from the banking crisis

Deccan Chronicle  

There are few better places to consider the past few days of banking chaos than a small room hidden away in Edinburgh’s financial district — not far from where the godfather of free markets, Adam Smith, once lived. Old newspapers proclaim government bailouts of long ago while the shelves groan with tomes like “Where Are the Customers’ Yachts?” The library …

Swiss suspend bonus payouts to Credit Suisse staffers
1 year, 9 months ago

Swiss suspend bonus payouts to Credit Suisse staffers

Associated Press  

GENEVA — Switzerland’s government said Tuesday that it’s ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. The Swiss Department of Finance says federal law allows the government to set “remuneration-related measures” in cases involving Switzerland’s biggest banks. Late last week and into the weekend, authorities in Switzerland, backed by the central bank …

Inside story of how and why Credit Suisse went down
1 year, 9 months ago

Inside story of how and why Credit Suisse went down

Firstpost  

Zurich: Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt the globe. While the nation’s central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation’s second-biggest bank. A …

Credit Suisse-UBS deal offers hope, but bank doubts persist
1 year, 9 months ago

Credit Suisse-UBS deal offers hope, but bank doubts persist

Associated Press  

LONDON — Credit Suisse shares plunged Monday after Swiss authorities cut a deal with its bigger rival UBS to acquire the troubled bank at a marked-down price. Swiss authorities urged UBS to take over its smaller rival after a central bank plan for Credit Suisse to borrow up to 50 billion francs last week failed to reassure investors and customers. …

Will the Credit Suisse bank takeover calm financial fears?
1 year, 9 months ago

Will the Credit Suisse bank takeover calm financial fears?

Associated Press  

FRANKFURT, Germany — In a bid to ease turmoil in the world financial system, Swiss authorities engineered a plan for the UBS bank to acquire its troubled smaller rival Credit Suisse at a marked-down price. It’s another urgent attempt to fight fears that have put the financial world on edge 15 years after the failure of U.S. investment bank Lehman …

Credit Suisse deal wipes out high-risk debt holders
1 year, 9 months ago

Credit Suisse deal wipes out high-risk debt holders

Firstpost  

Zurich, Switzerland: Holders of $17.3 billion worth of high-risk debt at troubled lender Credit Suisse will lose their investment as part of its rescue merger with Swiss rival UBS, regulators said. Swiss authorities required that 16 billion Swiss francs in so-called additional tier 1 bonds be written down in the mega-merger that was announced late Sunday. But Swiss authorities ordered …

Stocks slump as Credit Suisse rescue fails to ease fear of global crisis
1 year, 9 months ago

Stocks slump as Credit Suisse rescue fails to ease fear of global crisis

Hindustan Times  

Banks led stock markets lower on Monday and safe havens such as bonds rallied as a weekend deal to rescue Credit Suisse and promises of liquidity from central banks could not stem fears that a bigger crisis is brewing in the financial system. But with some Credit Suisse bondholders in line to be left with nothing, and nerves running high …

Explained: Why did UBS acquire Credit Suisse for nearly $3.25 billion? How does this affect the bank’s future?
1 year, 9 months ago

Explained: Why did UBS acquire Credit Suisse for nearly $3.25 billion? How does this affect the bank’s future?

Firstpost  

Last week, the global banking world was rocked when stocks of Credit Suisse, the 167-year-old institution, fell to record lows and creating panic the world over. Now after a turbulent week, Switzerland’s largest bank, UBS, has agreed to buy longtime rival Credit Suisse for about $3.25 billion after emergency talks were held between the two banks and the country’s financial …

UBS to buy Credit Suisse for nearly $3.25B to calm turmoil
1 year, 9 months ago

UBS to buy Credit Suisse for nearly $3.25B to calm turmoil

Associated Press  

GENEVA — Banking giant UBS is buying troubled rival Credit Suisse for almost $3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. “An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system.” Switzerland’s executive branch, a seven-member governing body …

UBS agrees to buy Credit Suisse for more than $2 billion to end crisis: Report
1 year, 9 months ago

UBS agrees to buy Credit Suisse for more than $2 billion to end crisis: Report

Hindustan Times  

UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that threatened to spread across global financial markets. The Swiss National Bank has agreed to offer a $100 billion liquidity line to UBS as part of the deal, according to the Financial Times, which reported the agreement first. …

Credit Suisse opposes ‘too low’ offer of $1 bn by UBS: Report
1 year, 9 months ago

Credit Suisse opposes ‘too low’ offer of $1 bn by UBS: Report

Hindustan Times  

UBS Group AG is offering to buy Credit Suisse Group AG for as much as $1 billion, a deal that the troubled Swiss firm is pushing back on with backing from its biggest shareholder. Credit Suisse, which ended Friday with a market value of about 7.4 billion francs, believes the offer is too low and would hurt shareholders and employees …

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