© 2020 – 2023 AEA3 WEB | AEAƎ United Kingdom News
AEA3 WEB | AEAƎ United Kingdom News
News

UBS agrees to takeover of stricken Credit Suisse for $3.25bn

Swiss government forces through takeover at well below market value amid fears of global banking crisis

  • Millions paid in bonuses to UK SVB staff days after £1 rescue
  • Bank runs, bailouts, rescues: are the ghosts of 2008 rising again?

The Swiss government has forced through the takeover of stricken bank Credit Suisse by rival UBS for almost $3.25bn (£2.65bn) – well below its market value – amid fears that a failure to protect depositors would trigger a new global banking crisis.

After a weekend of frantic talks, the Swiss government and the banking regulator brokered a deal once it became clear a $54bn loan to Credit Suisse from the Swiss central bank had failed to halt the precipitous slide in its share price.

Continue reading…

Related posts

Pelosi warns changes to Northern Ireland protocol could affect US trade deal with Britain

AEA3

Light and noise pollution ‘are neglected health hazards’, say peers

AEA3

The Queen’s coffin in Scotland and the King’s proclamations – in pictures

AEA3

Pin It on Pinterest

Share This