Swiss group increases offer and should buy Credit Suisse for more than US$ 2 billion, says newspaper

Specialized vehicles say that extraordinary meetings between representatives of entities and the government of Switzerland will seal the fate of the bank


The transaction is being reviewed by the federal government in the Swiss capital Bern after emergency meetings on Thursday and Saturday.

The group UBS Group AGconsidered one of the main banks in the Switzerlandsaid he was willing to buy the competitor Swiss credit by the value of $2 billion. The amount corresponds to a small fraction of the bank’s total value. The information was released at a crucial time to conclude the operation in an attempt to avoid a wave of panic in the markets this Monday, the 20th. The transaction is being analyzed by the federal government in the Swiss capital, Berna, after emergency meetings on Thursday and Saturday. The information was released by Financial Times and, depending on the vehicle Blick, an extraordinary meeting between the government and representatives of the entities will seal the fate of Credit Suisse. Normally, the merger of the banks would take months, but due to strong market pressure, the deal is expected to close in a few days. Credit Suisse is one of the 30 largest banks in the world, but it recorded a record drop on Wednesday, the 15th, seeing its market value fall by approximately US$ 7.58 billion. The fall shook the financial market, which was already showing signs of nervousness with the crisis in US banks. USA. The Swiss market opens at 5 am (Brasília time) and the expectation is that, by then, a solution will have been found by the authorities.

*With information from AFP

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Deborah Acker

I write epic fantasy; self-published via KDP. Devoted dog mom to my 10 yr old GSD, Shadow! DM not a priority; slow response at best #amwriting #author.

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