Credit Suisse Switzerland ‘s two largest banks are poised to merge in a deal regulators sought to help create stability as volatility rocks financial institutions around the globe.
UBS, the larger of the pair, agreed on Sunday to buy troubled competitor Credit Suisse for more than $3 billion, according to The Wall Street Journal .
“With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” said the Swiss National Bank .
The exact details of the arrangement are not all fully clear, but the Financial Times reported that Swiss authorities were working to speed up the process by changing laws to bypass a shareholder vote.In addition, the Swiss National Bank said it would offer a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover, and the Swiss government pledged to cover […]
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