UBS buys Credit Suisse for CHF 3 billion in sharesWritten by Donna Hancock Subject: Central Banks/Banking
NOW - Swiss government confirms Credit Suisse takeover by UBS and says, "the bankruptcy of a global systematically important bank would have caused irreparable economic turmoil."
- UBS buys Credit Suisse for CHF 3 billion in shares
- Government provides CHF 9 billion guarantee for possible losses
- Swiss central bank provides CHF 100 billion liquidity guarantee
- Federal Council operates with emergency law