Breaking News: UBS officially acquired Credit Suisse for $3.2 billion
In a historic deal, UBS, one of the largest and most reputable banks in Switzerland, has successfully acquired Credit Suisse, a rival bank, for a whopping $3.2 billion.
Under the terms of the agreement, all Credit Suisse shareholders will receive UBS shares at a swap ratio of 1 UBS share per 22.48 Credit Suisse shares. This means that the total value of shares at Credit Suisse stands at 3 billion Francs, which is equivalent to $3.25 billion USD.
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The announcement of the acquisition was met with great enthusiasm from both parties and the wider banking community at large. What's more, the Swiss Central Bank pledged to lend up to 100 billion Francs, which amounts to approximately $108 billion, to support the takeover. This will essentially act as a safety net for both banks, giving them the security they need to operate and thrive in the challenging financial landscape of today.
In addition to this, the Swiss government has also pledged to cover losses of up to 9 billion francs from certain assets, in order to reduce risks for UBS. This move has been seen as a smart and proactive measure in reducing potential risks that might have occurred as a result of the takeover.
Following the acquisition, UBS plans to downsize Credit Suisse's investment banking business. This move is a strategic one, aimed at ensuring that both banks remain competitive and profitable in the long run.
This acquisition is a positive move for both UBS and Credit Suisse, and one that is sure to have a huge impact on the Swiss banking sector as a whole. With the support of the Swiss government and Central Bank, these banks can now look forward to a promising future with renewed confidence and strength.
Breaking News: UBS officially acquired Credit Suisse for $3.2 billion
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