Trending: UBS to Buy Credit Suisse in $3 Billion-Plus Deal
20 March 2023 - 5:15PM
Dow Jones News
0545 GMT - UBS Group AG is among the most mentioned companies in
the news over the past 12 hours, according to Factiva data, after
it agreed to take over smaller rival Credit Suisse Group AG for
more than $3 billion. The deal, engineered over the weekend by
Swiss regulators, is part of an urgent effort to restore confidence
in the global banking system after the collapse of two U.S.
lenders. Credit Suisse had secured a more than $50 billion lifeline
from the Swiss central bank after the lender's share price hit a
record low, but the action wasn't enough to stop a slide in its
shares or stem the loss of bank deposits. The deal to be bought by
UBS caps a tumultuous week for Credit Suisse and marks the end of
its nearly 167-year run as an independent institution. Dow Jones
& Co. owns Factiva. (farah.elias@wsj.com)
(END) Dow Jones Newswires
March 20, 2023 02:00 ET (06:00 GMT)
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