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UBS to take over Credit Suisse to stem global crisis of confidence

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UBS to take over Credit Suisse - central bank

BERN :UBS will take over Credit Suisse, Swiss authorities said on Sunday, in a deal to combine Switzerland's top two banks designed to contain a widening crisis of confidence in global finance.Credit Suisse, a 167-year-old bank, has been the biggest name ensnared in market turmoil unleashed by the recent collapse of U.S. lenders Silicon Valley Bank and Signature Bank, forcing it to tap $54 billion in central bank funding last week.

"With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation," the Swiss central bank said.

 

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UBS seals Credit Suisse takeover in bid to calm market nerves:UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday.The Swiss central bank will supply substantial liquidity to the merged bank, it said at a news conference in the Swiss capital, Bern. It said the de
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