UBS rescues rival bank Credit Suisse with emergency $3 billion purchase

Key Facts

• Swiss banking powerhouse UBS agreed to purchase its longtime rival Credit Suisse for around $3 billion on Sunday in an emergency deal that prevented one of the world’s biggest banks from failing.
• The two Swiss banks were roughly equal as recently as 2010, but a series of bad decisions and investor fears had Credit Suisse on the brink of collapse.
• Even a $54 million loan from the Swiss National Bank last week couldn’t save the lender.
• “Let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue,” UBS Chairman Colm Kelleher said in a press release.

Click To Read Full Article