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UBS acquired Credit Suisse

UBS, Switzerland's largest bank, will acquire crisis-ridden Credit Suisse.

UBS acquired Credit Suisse
UBS has announced that they have reached an agreement on the acquisition of Credit Suisse.
The statement added that the acquisition will add significantly sustainable value to UBS shareholders and strengthen the bank's position as a global asset manager.
Pointing out that the acquisition negotiations were initiated by the Swiss Ministry of Finance, the Swiss Financial Markets Regulatory Board (FINMA) and the Swiss Central Bank (SNB), the statement noted that the acquisition was supported by Swiss official institutions.
The statement said that Credit Suisse shareholders will receive 1 UBS share for every 22.48 shares they own, which is 0.76 Swiss francs per share, and the total purchase price will be 3 billion Swiss francs.
The SNB's statement on the matter said that a significant amount of liquidity assistance will be provided to support UBS's acquisition of Credit Suisse.
With the acquisition of Credit Suisse by UBS, financial stability will be secured and the Swiss economy will be protected, the statement said, ıt was stated that both banks have unlimited access to the SNB's facilities and can obtain liquidity from it.
The statement pointed out that depending on the Federal Council's Emergency Regulation, Credit Suisse and UBS could receive liquidity assistance loans up to a total of 100 billion Swiss francs, adding that providing a significant amount of liquidity would ensure that both banks had access to the necessary financing, which would contribute to the stability of the financial system.
This week, after the banking crisis in the United States, there was a Credit Suisse panic in Europe.
When the Saudi National Bank, the largest shareholder of the 167-year-old Credit Suisse, Switzerland's second-largest bank, announced that it would not raise capital, the bank's stock price fell rapidly and selling pressure spread throughout the market.
Credit Suisse's announcement that it would borrow 50 billion Swiss francs ($54 billion) from the SNB did not alleviate the panic in the market.


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