After many rounds, the negotiations between Switzerland’s two largest banks are complete. UBS buys Credit Suisse. The bill lands at over three billion dollars. On Sunday, Switzerland’s central bank, the SNB, called a press conference after the many tours around UBS and the troubled bank Credit Suisse. There, SNB chairman Thomas Jordan confirmed the news that had been bubbling for a long time, that UBS is buying Credit Suisse. Earlier in the day, the Financial Times reported that UBS, the country’s largest bank, offered the second largest bank, Credit Suisse, up to one billion dollars to close the deal. According to the paper, Credit Suisse was unhappy with the offer and demanded at least double that to accept the purchase. After the purchase was confirmed, UBS themselves announced that the total price amounts to over 3 billion dollars (34 billion kroner), reports TT. “It was of the utmost importance that we acted” – It was of the utmost importance that we acted quickly and found a solution as quickly as possible given that Credit Suisse is a systemically important bank, Thomas Jordan said at the press conference. Credit Suisse’s stock has fallen on the stock market in recent years. The financial statements for 2022 showed a loss of roughly SEK 84 billion. The problems are due, among other things, to several scandals, fired managers and legal problems. Both UBS and Credit Suisse belong to the 30 banks in the world that are judged to be globally systemically important, according to TT.
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Billion dollar purchase confirmed – UBS buys Credit Suisse
