for 3 billion Swiss francs Sunday, with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking system.
“This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure,” said UBS Chairman Colm Kelleher in a statement.The Swiss National Bank pledged a loan of up to 100 billion Swiss francs to support the takeover.
. The losses came despite a new loan of up to 50 billion Swiss francs granted from the Swiss central bank last week, in an effort to halt the slide and restore confidence in the bank., and in the last two weeks, sentiment was rocked again as banks in the U.S. reeled from the collapse of Silicon Valley Bank and Signature Bank.
Despite regulators’ involvement in the pairing, the deal gives UBS autonomy to run the acquired assets as it sees fit, which could mean significant job cuts, sources told CNBC’s David Faber.
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