The largest bank in Switzerland, the group UBS, has reached an agreement sponsored by national regulators to acquire Credit Suissethe second most valuable entity in the country whose viability had been clearly threatened after the collapse of its shares due to the bank panic last week.
The operation, which has the approval of the Swiss National Bank and the regulator Finma and the US Federal Reserve, is called to stop the serious crisis of confidence in which Swiss banks had been plunged after the contagion caused by the fall Silicon Valley Bank (SVB) and Signature Bank.
As reported by the Financial Times on the afternoon of this Sunday, the operation would have been closed for 2,000 million dollars. That is, a price of $0.54 per sharejust a quarter of the $1.91 the Credit Suisse share was trading at when markets closed on Friday.
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