[REGNUM] The largest Swiss bank UBS will absorb Credit Suisse, which found itself in a crisis situation. This was announced on March 19 by the Swiss National Bank (SNB).It is noted that UBS announced the takeover of Credit Suisse with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank.
The Swiss National Bank will bail out CHF100bn ($108bn) of UBS liquidity to support the takeover of Credit Suisse.
The financiers explained that with the takeover of Credit Suisse, the SNB found a solution to ensure financial stability and protect the Swiss economy "in this exceptional situation."
More from regnum.ru
Media: Swiss bank UBS will buy out Credit Suisse for $2 billion
The Swiss bank UBS has decided to buy out Credit Suisse, according to the Financial Times newspaper.
UBS has agreed to acquire Credit Suisse after it increased the offer to over $2 billion.
The author of the publication notes that the Swiss National Bank offered UBS about 100 billion liquidity so that it could take over the operations of Credit Suisse.
According to the newspaper, the National Bank and the financial regulator FINMA were involved in organizing the negotiations, trying to strengthen confidence in the Swiss banking sector.
Previously from regnum.ru
Bloomberg: Switzerland considers nationalization of Credit Suisse
Swiss authorities are considering the possibility of partial or complete nationalization of Credit Suisse. Bloomberg writes about this on March 19, citing sources.
“The country is considering either a full acquisition of the bank or a significant shareholding ,” the statement said.
It is noted that this option is possible if the takeover of Credit Suisse by the UBS financial holding does not take place due to difficulties in concluding a deal and tight deadlines.
Earlier, the British newspaper The Financial Times wrote that the Swiss government intends to use emergency measures to merge Credit Suisse and UBS.
However, Credit Suisse pulled out of a $1 billion merger with UBS, believing the amount was too small and would hurt shareholders and employees.