Swiss National Bank has agreed to takeover its troubled rival, Credit Suisse, in a $3.2 billion emergency deal brokered by regulators in Switzerland to help prevent further instability in the global banking industry.
“UBS today announced the takeover of Credit Suisse. This takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank,” the Swiss National Bank announced in a statement.
“With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation.”
Shareholders in Credit Suisse will receive one share in the Swiss National Bank for every 22.48 shares in Credit Suisse that they hold, CNBC reported.
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