UBS rescues rival bank Credit Suisse with emergency $3 billion purchase
UBS rescues rival bank Credit Suisse with emergency $3 billion purchase
Mar 19, 2023 by New York Daily News
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.
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