UBS to acquire Credit Suisse for US$3.23 billion

BERN: UBS agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs in stock and agreed to assume up to 5 billion francs in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.

To enable UBS to take over Credit Suisse, the federal government is providing a loss guarantee of a maximum of 9 billion Swiss francs for a clearly defined part of the portfolio, the government said. Swiss President Alain Berset said the government was confident that the takeover was the"best solution" for"restoring confidence that has been lacking the financial markets recently".

Berset was speaking alongside UBS chairman Colm Kelleher and his Credit Suisse counterpart Axel Lehmann at a press conference in the capital Bern.

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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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