JUST IN: Swiss banking giant UBS agrees to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic.
Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. “UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement.
Desperate to prevent the meltdown spreading through the global financial system on Monday, Swiss authorities had pushed hard for a private sector rescue, while reportedly considering Plan B — a full or partial nationalization. The emergency takeover was agreed to after a days of frantic negotiations involving financial regulators in Switzerland, the United States and United Kingdom.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS in discussions to buy Credit Suisse: reportUBS Group AG is in talks to buy all or parts of Credit Suisse, with their boards meeting separately over the weekend, the Financial Times reported late Friday.
Read more »
Credit Suisse meets to weigh options, under pressure to merge with UBSCredit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG .
Read more »
UBS in talks to buy troubled Credit Suisse, FT reportsInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
UBS in talks to acquire Credit Suisse -FT By Reuters*UBS IN TALKS TO TAKE OVER ALL OR PART OF CREDIT SUISSE AS SHARE PRICES FALL $UBS $CS 🇨🇭🇨🇭
Read more »
Credit Suisse under pressure to merge with UBSCredit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a deal with Swiss rival UBS AG .
Read more »
UBS seeks Swiss backstop in any Credit Suisse deal - Bloomberg NewsUBS Group AG is asking the Swiss government for a backstop if it were to buy Credit Suisse Group AG , Bloomberg News reported on Saturday.
Read more »