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Washington Post: Swiss banking giants combine to quell growing global bank crisis
Credit Suisse, the battered Swiss bank, has agreed to an emergency takeover by its rival UBS, Switzerland’s largest bank, a move engineered by the Swiss government to stave off immediate concerns of a global financial crisis.
The hasty deal, which was announced Sunday following a weekend of negotiations, offers a temporary reprieve after days of panic in global markets triggered by the collapse of Silicon Valley Bank.
But it does little to ease longer-term worries of instability in the banking system. A “swift and stabilizing solution was absolutely necessary,” Alain Berset, president of the Swiss Confederation, said during a Sunday afternoon news conference.
The UBS deal, he added, was “the best solution for restoring the confidence that has been lacking in financial markets recently.”
Read more ….
WNU Editor: These people are really pissed-off …. Credit Suisse says $17 billion debt worthless, angering bondholders (Reuters).
Sighhhh …. they say it is not a bailout, but it is a bailout.
UBS To Buy Credit Suisse To Quell The Growing Global Bank Crisis
UBS to acquire Credit Suisse — UBS
UBS to buy Credit Suisse for nearly $3.25B to calm turmoil — AP
UBS buys Credit Suisse for $3.2 billion as regulators look to shore up the global banking system — CNBC
UBS chairman on Credit Suisse deal: We hoped this day would not come — Yahoo Finance