UBS is reportedly close to acquiring Credit Suisse for approximately $2bn (£1.6bn) after intense weekend negotiations aimed at preventing a collapse that experts feared could trigger a new global banking crisis. The Swiss government continued talks on Sunday after a $54bn loan from the Swiss central bank failed to halt the precipitous slide in Credit Suisse’s share price. The crisis engulfing Credit Suisse, coupled with the collapse of Silicon Valley Bank last week, which saw its UK arm taken over by HSBC for £1, has fuelled anxiety about contagion in the international banking system.
UBS is understood to have agreed to buy Credit Suisse in an all-share deal worth between $1.7bn and $2bn, depending on whether parts of the stricken bank are hived off. The agreement of terms before markets open on Monday morning is particularly important because Credit Suisse, which…
2023-03-19 13:14:58
Original from www.theguardian.com