UBS set to buy troubled Credit Suisse
Ticker News · 2 years ago
Ticker News
2 years ago
Troubled bank Credit Suisse has been rescued by rival UBS in a government backed deal. The announcement comes after a weekend of emergency talks between the two banks and Switzerland's financial regulators. UBS will pay ₣3 billion Swiss Francs for the 167-year-old institution, and the Swiss National Bank will also provide a liquidity assistance of up to ₣110 billion.
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Banking Crisis
Three U.S banks including the Silicon Valley Bank have failed and Credit Suisse has been taken over amid the biggest crisis since 2008.