UBS takeover: Embattled bank's chairman describes 'historic, sad and very challenging' day
Sky, 20 Mar 2023
UBS will take over Credit Suisse in a deal aimed at stemming what was fast becoming a global crisis of confidence.
Credit Suisse, the 167-year-old embattled lender had been brought to the brink of financial calamity last week, despite securing a $54bn (£44bn) credit line from Switzerland's central bank.
The credit line was agreed upon in a move aimed at reassuring markets and depositors, but it failed to stem a rush of customer withdrawal, prompting a request from the Swiss government for the rival UBS to consider a takeover.
That takeover was announced on Sunday evening - UBS will pay 3bn Swiss francs (£2.6bn) to acquire Credit Suisse, it has agreed to assume up to 5bn francs (£4.4bn) in losses, and 100bn Swiss francs (£88.5bn) in liquidity assistance will be available to both banks.
Axel Lehmann, chairman of Credit Suisse, described the day as "historic, sad and very challenging" for his bank and the global market.
Read more: https://news.sky.com/story/ubs-to-take-over-credit-suisse-swiss-central-bank-confirms-12838193
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Credit Suisse, the 167-year-old embattled lender had been brought to the brink of financial calamity last week, despite securing a $54bn (£44bn) credit line from Switzerland's central bank.
The credit line was agreed upon in a move aimed at reassuring markets and depositors, but it failed to stem a rush of customer withdrawal, prompting a request from the Swiss government for the rival UBS to consider a takeover.
That takeover was announced on Sunday evening - UBS will pay 3bn Swiss francs (£2.6bn) to acquire Credit Suisse, it has agreed to assume up to 5bn francs (£4.4bn) in losses, and 100bn Swiss francs (£88.5bn) in liquidity assistance will be available to both banks.
Axel Lehmann, chairman of Credit Suisse, described the day as "historic, sad and very challenging" for his bank and the global market.
Read more: https://news.sky.com/story/ubs-to-take-over-credit-suisse-swiss-central-bank-confirms-12838193
#economy #banking #uk #skynews
SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews
Follow us on Twitter: https://twitter.com/skynews
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Sky News Daily podcast is available for free here: https://podfollow.com/skynewsdaily/
Sky News videos are now available in Spanish here/Los video de Sky News están disponibles en español aquí: https://www.youtube.com/channel/UCzG5BnqHO8oNlrPDW9CYJog
Sky News videos are also available in German here/Hier können Sie außerdem Sky News-Videos auf Deutsch finden: https://www.youtube.com/channel/UCHYg31l2xrF-Bj859nsOfnA
To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales
