The deal was announced by Switzerland’s president, Alain Berset, flanked by executives from both banks and the chairman of the Swiss National Bank.
That compares to Credit Suisse’s CSGN, -8.01% closing price of 1.86 francs on Friday. The FT reported UBS initially bid just 0.25 francs per share. “This is a commercial solution and not a bailout,” said Karin Keller-Sutter, the Swiss finance minister. “Bankruptcy would have been the highest risk.”
This is an interesting development for the Swiss banking industry. It will be interesting to see how this affects the market.
We moon tomorrow
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