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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (147358)	3/20/2023 9:36:03 AM
From: Goose94	Read Replies (1) of 203260

HUV-T: UBS to buy Credit Suisse for US$3.2 Billion The Credit Suisse crisis finally has something of a conclusion after UBS Group agreed over the weekend to buy its long-time Swiss rival for US$3.2 billion after a crisis of confidence rocked Credit Suisse. It’s the first mega-deal between two systemically important banks – think the “too big to fail” cohort – since the turmoil of 2008, and it came together quickly, essentially a shotgun marriage engineered by Swiss authorities. That urgency was prompted by an increasingly dire outlook for Credit Suisse, and concerns of contagion risk – the bank was facing accelerating consumer outflows over the last week, as concerns grew over the strength of individual financial institutions in the wake of the blow-up of Silicon Valley Bank. Obviously, UBS isn’t doing this out of charity, and is receiving some significant support from the authorities that urged it to make a deal – the Swiss National Bank is offering 100 billion Swiss Francs worth of liquidity assistance to UBS as part of the deal, while the Swiss government is granting a nine-billion franc guarantee against potential losses on the assets UBS is taking over. BNN.ca

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