Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 … Read more
Credit Suisse’s shares have soared 30% after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss Central Bank. It’s a massive swing on March 16 after its shares plunged 30% on the SIX stock exchange a day earlier after its biggest shareholder said it … Read more
UBS Group AG and Credit Suisse Group AG are opposed to a forced merger, Bloomberg News reported on Thursday, citing people with knowledge of the matter. UBS prefers to focus on its own wealth-centric strategy and is reluctant to take on risks related to Credit Suisse, the report said, as the smaller rival seeks additional … Read more