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UBS buys Credit Suisse for $3.23 million

Archive photo: A view showing the Swiss bank Credit Suisse sign in front of an office building in Zurich, Switzerland

Swiss bank UBS buys rival Credit Suisse for 3 billion Swiss francs ($3.23 billion).The two companies’ announcements were made on Sunday after a weekend of intense negotiations between the two banks, governments, central banks and regulators. Helvetic Confederation President Alain Berset Confirms Operation he declared at the meeting This is the best way to “restore trust”.

“This solution is not only crucial for Switzerland, but also important for the stability of the financial system as a whole,” Berset said.

An agreement for the entire action between Switzerland’s two major banks was signed on Sunday evening at a price that is a fraction of the closing price of Credit Suisse on Friday.

The purchase is made in UBS shares. CHF 0.76 per Credit Suisse share. That’s almost triple the offer this morning at CHF 0.25, but well below Credit Suisse’s closing price of CHF 1.86 on Friday.

Colm Kelleher, Chairman of the UBS Board of Management, Karin Keller-Sutter, Federal Councilor and Head of the Federal Finance Office, Alain, President of the Swiss Federal Council (Bundesrat) and Director of the Federal Ministry of the Interior, Bern, Switzerland, 19 March 2023 Banco Nacional Suizo president Thomas Jordan with Berset, aide to Credit Suisse, at a press conference after the proposed UBS takeover (Reuters)
Colm Kelleher, Chairman of the Board of Management of UBS, Karin Keller-Satter, Federal Councilor and Head of the Federal Finance Office, Alain, Chairman of the Swiss Federal Council (Bundesrat) and Director of the Federal Ministry of the Interior, Bern, Switzerland, 19 March 2023 Thomas Jordan, president of Berset and Banco Nacional Suizo, an aide at a press conference on Credit Suisse after the proposed UBS takeover in Washington (Reuters)

Regarding the UK financial situation, UBS has accepted to replicate the originally proposed amount in order to overcome the reluctance of Credit Suisse and one of its major shareholders.

A merger of two giant banks to form part of a group of 30 banks considered key to the global financial systemdebiere completarse y anunciarse a tiempo para la apertura de los mercados asiaticos.

UBS to benefit from CHF 9 billion ($9.75 billion) government guarantee que sirve de seguro si se descubren problemas, dijo la Finance Minister Karin Keller-Sutter.

El Banco Central It also grants UBS and Credit Suisse liquidity lines of up to CHF 100,000 million ($108,000 million).

After years of recovering from the 2008 financial crisis and massive state bailout, UBS is beginning to reap the fruits of its labors.

Should assume responsibility for Credit Suisse as required.

El domingo, el sindicato de Employados de banca suizo “required” the participation and discussion of social interlocutors.

The Credit Suisse bankruptcy shocked the global financial system last week. Investors panicked and sold stocks and bonds after several smaller American lenders went bankrupt. under pressure from the authorities, UBS, El Principal Banco Suizo, debe finalizar este domingo la compra de su rival, credit suisse, para evitar una debacle y una contagious ola de pánico en los mercados bursátiles el lunes pero la negociación aún no termino.

Para acelerar la Acquisition, el gobierno incluso se comprometió a tomar medidas de Emergency y plana introducir Deal can be closed immediately with legislation that bypasses the usual six-week consultation period required for UBS shareholders.

Credit Suisse is one of the world’s 30 largest banks, and this week’s major financial crisis has put strains on the financial world que teme un efecto de contagion después del collapso de entities en America.

This type of fusion is a complex matter and usually takes months and is donebut before the pressure of the authorities, UBS will complete the transaction in a matter of days.

Headquarters of Swiss bank UBS on Paradeplatz, Zurich, Switzerland, 16 March 2023 (Reuters)
Headquarters of Swiss bank UBS on Paradeplatz, Zurich, Switzerland, 16 March 2023 (Reuters)

El mercado suizo opens at 08:00 GMT on Monday, at which point the merger is expected to take shape.

According to agency bloomberg, UBS exige que las authoridades públicas paguen los costos legales y laspotenciales perdidas que pueden ascender a mile de millones de francos suizos.

Swiss executives announced a press conference in the next few hours, presumably with the intention of announcing an agreement for which Bank Comprador would have demanded various guarantees.

Credit Suisse was founded in 1856 to finance the development of the Swiss rail network. UBS, on the other hand, is the result of his merger of 370 banking organizations over a century and a half. His six banks of Basilea, founded in 1854.

El nombre de Unión de la Banca Suiza, del que procede UBS, no se utilizó sin embargo until 1912, al unirse dos bancos del país, y la fusión definitive que dio lugar al actual gigante bancario, el mayor de Suiza, llegó en 1998, cuando SBS se integró en él.

Despite the similar prominence of the two financial institutions over the past few decades, UBS is a much larger company with an actual market capitalization of $77.6 billion, while Credit Suisse has just $11.9 billion. changed to

Ello situata a As one of Europe’s five major banks, UBS has a capitalization similar to Spain’s Banco de Santander and France’s BNP Paribas. Credit Suisse, on the other hand, is very low, around 15 of the major entities on the continent of Viejo.

UBS employs 72,600 people worldwide, but Credit Suisse announced last year that it would cut 9,000 jobs as part of a restructuring program to emerge from the financial crisis.

Suiza UBS has 10 branches of 200, This number is more than halved (95) for Credit Suisse, but the big difference between the two these days is the balance of their businesses.

Both banks are considered “systemically important” by the Swiss financial authorities.

Los Principal Shareholder of UBS son markadamente norteamericanos, Starting with the American investment fund BlackRock (5.23% participation), three successful companies: Dodge & Cox (3.02%), Massachusetts Financial Services (3.01%) and Artisan Partners (3.15%).

In Cambio, Credit Suisse has been significantly dominated by shareholders from the Middle East since the 2022 capital increase.: Banco Nacional Saudi (9.88% stake), Qatar Investment Authority (5.03%), Saudi Olayan Group (5%).

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