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The final deal to purchase Credit Suisse for CHF 3 billion ($3.2 billion) was accepted by the board of Credit Suisse prior to the opening of Asian financial markets on Monday morning. The acquisition was an all-stock deal, with Credit Suisse shareholders receiving 1 UBS share per 22.48 Credit Suisse shares, equivalent to CHF 0.76 per share.
UBS agreed to buy Credit Suisse last March for the bargain price of $3 billion in a rescue orchestrated by Swiss authorities to avert a banking sector meltdown. The deal, the biggest in banking ...
Credit Suisse Group AG (French pronunciation: [kʁe.di sɥis], lit. ' Swiss Credit ') is a global investment bank and financial services firm founded and based in Switzerland as a standalone firm but now a subsidiary of UBS.
In a separate statement, Credit Suisse, calling itself a UBS subsidiary following the completion of the deal on June 12, announced a loss of 8.9 billion Swiss francs ($10.1 billion) as it wrapped ...
UBS made a hefty loss in the first full quarter since it closed a deal to rescue Credit Suisse, highlighting the scale of the challenge the bank faces as it absorbs its stricken rival.. The Swiss ...
UBS will keep the Swiss business of Credit Suisse but will retire its brand. UBS says it plans to cut costs by $10 billion. UBS also announced at the end of August 2023 that money outflows have stopped at Credit Suisse. [216] In early September 2023, UBS had clearly profited from the takeover as its stocks were increasingly valuable.
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