Switzerland’s largest bank agrees to buy Credit Suisse for more than $2 billion

Credit Suisse has been purchased for more than $2 billion by UBS, Switzerland’s largest bank.

Switzerland’s largest bank, UBS, has agreed to buy the country’s second-largest bank, Credit Suisse, for more than $2 billion, as reported today, Sunday, March 19, according to the press service of the Swiss National Bank (SNB). The deal was allegedly closed after USB increased its offer to acquire Credit Suisse to over $2 billion.

“The Swiss National Bank is providing substantial liquidity assistance to support the takeover of UBS 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”, it stated.

Swiss National Bank provides substantial liquidity assistance to support UBS takeover of Credit Suisse https://t.co/KpcJdoCkOP

— Swiss National Bank (@SNB_BNS) March 19, 2023

Earlier today, Bloomberg reported that the Swiss authorities were considering the possibility of full or partial nationalisation of Credit Suisse.

On March 16, the management of Credit Suisse (CS) announced that it would borrow up to 50 billion Swiss francs, or approximately $53.7 billion, from the Swiss National Bank, as reported by gazeta.ru.

This would be done, they stated, in order to ‘maintain the bank’s core business’ at an optimal level amid a sharp drop in share prices and to encourage customers to keep their existing deposits. It later it became known that UBS was in talks to acquire Credit Suisse.

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