UBS acquires Credit Suisse – News – Finance – Kommersant
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National Bank of Switzerland announced on the merger of the two largest banks in the country – UBS and Credit Suisse (CS). UBS has agreed to buy all Credit Suisse shares at a price of CHF0.5 each. Thus, the total amount of the transaction will exceed $2 billion.
The National Bank said that the deal has already been approved by all regulators – both Switzerland and the United States and Europe. The country’s government, through the National Bank, will also provide UBS with all the necessary support to complete the transaction, the statement said. In addition, Credit Suisse and UBS may receive a CHF 100 billion loan on preferential terms to maintain liquidity. And UBS received from the government guarantees of damages in case of financial losses from the acquisition of unprofitable assets of Credit Suisse in the amount of 9 billion francs.
Swiss President Alain Berset said that “the takeover of Credit Suisse by UBS is the best solution” in the current situation. Finance Minister Karin Keller-Sutter said the government “regrets” that Credit Suisse could not solve its problems on its own. Now the authorities are waiting for a report from UBS on future required job cuts as a result of the merger of the two banks.
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