UBS To Buy Credit Suisse To Quell The Growing Global Bank Crisis

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

UBS To Buy CS For $3 Billion As AT1 Bonds Get Wiped Out In Record Bail-In; Swiss Govt Grants CHF9BN Guarantee; SNB Offers $100 Billion Liquidity Backstop -- Zero Hedge

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