Banking giant UBS to buy Credit Suisse for $3.2 billion to rein in market-shaking turmoil in global banking

  • 📰 PhillyInquirer
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 68%

Business News News

Business Business Latest News,Business Business Headlines

Banking giant UBS is buying its smaller rival Credit Suisse for $3.2 billion in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced Sunday night.

to prevent any further bank panics. Still, global financial markets have been on edge since Credit Suisse's share price began plummeting this week.

While UBS is buying Credit Suisse, UBS officials said they plan to sell off parts of it or reduce the size of the bank in the coming months and years. On Sunday, the Swiss central bank said it would provide a loan of 100 billion Swiss francs backed by a federal default guarantee to support the deal, which is expected to be completed by the end of the year.

Investors and banking industry analysts we`re still digesting the deal, but one analyst was sour on the news due to the reputational damage the deal might have on Switzerland’s global banking image.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 81. in BUSİNESS

Business Business Latest News, Business Business Headlines