Swiss National Bank Confirms Acquisition Of Credit Suisse By Swiss UBS Bank

The Swiss National Bank (SNB) on Sunday has confirmed the acquisition of Switzerland-based global investment bank Credit Suisse by Swiss biggest bank, UBS, adding that it will provide necessary assistance for the deal

ZURICH (UrduPoint News / Sputnik - 20th March, 2023) The Swiss National Bank (SNB) on Sunday has confirmed the acquisition of Switzerland-based global investment bank Credit Suisse by Swiss biggest bank, UBS, adding that it will provide necessary assistance for the deal.

Earlier in the day,the Financial Times reported, citing sources, that UBS had agreed to buy Credit Suisse for over $2 billion after increasing its initial takeover bid of $1 billion.

"UBS today announced the takeover of Credit Suisse. This takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank," the Swiss central bank said.

The SNB added that it could grant UBS a liquidity assistance loan with privileged creditor status in bankruptcy for�a total amount of up to 100 billion Swiss franc ($108 billion) after the takeover so as to ensure the stability of the country's financial system.

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.