Swiss Biggest Bank UBS To Acquire Credit Suisse For Over $3Bln - Statement

Muhammad Irfan Published March 20, 2023 | 06:56 PM

Switzerland's biggest bank, UBS, said on Sunday that it was going to acquire Swiss-based global investment bank Credit Suisse for 3 billion Swiss francs ($3.2 billion)

MOSCOW (UrduPoint News / Sputnik - 20th March, 2023) Switzerland's biggest bank, UBS, said on Sunday that it was going to acquire Swiss-based global investment bank Credit Suisse for 3 billion Swiss francs ($3.2 billion).

Earlier in the day, the Swiss National Bank announced the acquisition of Credit Suisse by UBS, adding that it would provide necessary assistance for the deal.

"UBS plans to acquire Credit Suisse ... Under the terms of the all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.

48 Credit Suisse shares held, equivalent to CHF 0.76/share for a total consideration of CHF 3 billion," UBS said in a statement.

The acquisition deal is expected to create a business with over $5 trillion in total invested assets and "sustainable value opportunities," according to the bank.

On Wednesday, Credit Suisse's share price plunged nearly 30%, sparking concerns about a liquidity crunch. The incident followed the recent collapse of several US financial institutions, including Silicon Valley Bank.