BREAKING: Banking giant UBS is buying its troubled rival Credit Suisse in an effort to avoid further market-shaking turmoil, Swiss President Alain Berset announced.
Swiss president Alain Berset, who did not specify a value of the deal, called the announcement “one of great breadth for the stability of international finance. An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system.”
Credit Suisse is designated by the Financial Stability Board, an international body that monitors the global financial system, as one of the world’s globally systemic important banks. This means regulators believe its uncontrolled failure would lead to ripples throughout the financial system not unlike the collapse of Lehman Brothers 15 years ago.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Banking giant UBS is acquiring smaller rival Credit SuisseBanking giant UBS is acquiring its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday
Read more »
UBS examining takeover of Credit Suisse to stem banking turmoilThe 167-year-old Credit Suisse is the biggest name ensnared in the market turmoil unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank over the past week, and its slide has fanned fears of broader banking problems.
Read more »
Credit Suisse bought out by UBS as banking fears claim big victimUBS has struck a deal to purchase troubled Credit Suisse for $2 billion, the Financial Times reported on Sunday, as a maelstrom of higher interest rates and bank solvency fears continue to batter global markets.
Read more »
UBS is buying Credit Suisse in bid to halt banking crisis | CNN BusinessSwitzerland's biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month.
Read more »
UBS agrees to buy Credit Suisse as regulators look to shore up the global banking systemCredit Suisse had already been battling a string of losses and scandals, and the last two weeks sentiment was rocked again.
Read more »
UBS in discussions to buy Credit Suisse: reportUBS Group AG is in talks to buy all or parts of Credit Suisse, with their boards meeting separately over the weekend, the Financial Times reported late Friday.
Read more »