UBS finishes takeover of Credit Suisse in deal meant to stem global financial turmoil – Gist It

UBS finishes takeover of Credit Suisse in deal meant to stem global financial turmoil

UBS has completed its takeover of Credit Suisse, a deal aimed at maintaining Switzerland’s reputation as a global financial center and stemming market turmoil.

Acquisition complete: UBS announced the completion of the acquisition, valued at 3 billion Swiss francs ($3.3 billion).
* The deal comes nearly three months after the Swiss government orchestrated a rescue plan, combining the two largest banks in the country.

Concerns and consequences: The combination of the two rivals has raised concerns about job losses, lawsuits, and the creation of a mega-bank that could be too big to fail.
* UBS will inherit ongoing cases against Credit Suisse and the financial repercussions that come with them.

Government support and pushback: Switzerland’s government has agreed to provide UBS with 9 billion Swiss francs (nearly $10 billion) in guarantees to cover losses after UBS covers up to 5 billion francs ($5.5 billion).
* The emergency rescue plan is facing political pushback, with a parliamentary inquiry into the deal and events leading up to it approved, and the Swiss attorney general’s office already having opened a probe.

View original article on NPR

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June 12, 2023

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