CREDIT SUISSE Switzerland’s largest bank UBS has come forward to save the Swiss bank Credit Suisse from drowning. UBS Group has offered to buy Credit Suisse for $1 billion. The valuation offered to 167-year-old bank Credit Suisse is much lower than its actual value.
There is a stir in the banking sector of Switzerland
After the closure of America’s Silicon Valley Bank and Signature Bank, now Credit Suisse is also on the verge of collapse and the government and financial regulators of Switzerland are also scrambling to save it from happening. In this series, the Swiss National Bank, the central bank of Switzerland and the regulator FINMA conducted talks between UBS and Credit Suisse. Information about this came to the fore on Saturday, March 18.
At what price the deal can be completed
Based on the claims being made in the reports, it is being said that the deal may be finalized at a fraction of the closing price of Credit Suisse on March 17 (Friday). By this evening, the deal can be signed between the two banks.
Why the Credit Suisse crisis threatens banking systems around the world
The threat to Credit Suisse is not only a crisis for this bank and Switzerland but can become a challenge for the banking system around the world. This is because Credit Suisse is one of the largest wealth manager institutions in the world. Its name is one of the 30 largest Global Systematic Important Banks and if it sinks then its bad effect will be seen on the global financial system.
Credit Suisse shares fell heavily last week
There have also been reports in the last week that Credit Suisse will take a loan of $ 5400 million ($ 54 billion) from the central bank of Switzerland, but despite this, its shares had to bear the brunt of Credit Suisse’s deteriorating financial condition. Shares of Credit Suisse fell 7 per cent on Friday and in the entire trading week, its shares have registered a decline of 24 per cent.
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