Euro Bank Giant UBS To Buy Credit Suisse For $3.2B In ‘Emergency Rescue’
View Source | March 19, 2023 4:33 pm
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- The deal announced Sunday would reportedly create the world’s is leading wealth manager firm – with $5 trillion in invested assets, according to UBS.
- European financial markets closed last week with their worst week this year, ensnaring Credit Suisse, after the collapse in the preceding days of Silicon Valley Bank, then Signature Bank in the United States.
- “Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome,” Credit Suisse Board of Directors Chairman Axel Lehmann said.
- Swiss Finance Minister Karin Keller-Sutter said the government “regrets that the bank, which was once a model institution in Switzerland and part of our strong location, was able to get into this situation at all.”
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