UBS bank buys Credit Suisse for €3 billion
- Over the weekend, the Swiss authorities and bank leaders have sought a solution to the failure of Credit Suisse. The president of the Swiss Federation, Alain Berset, pointed out that because of "instability and mistrust" they have made the decision to sell the bank. Credit Suiss President Axel Lehmann reaffirmed that the decision taken is "the best".
Alain Berset, president of the Swiss Federation, said on Sunday that the Swiss bank Credit Suisse has purchased over EUR 3 billion. Throughout the weekend, Swiss authorities and bank officials have worked to resolve the failure of Credit Suisse.
Berset announced at a press conference that the Government of Switzerland, the National Bank of Switzerland and the Swiss Financial Market Supervisory Authority (FINMA) have decided that there is a situation of instability and lack of confidence in the organisation and that "UBS will help purchase Credit Suisse", according to the new EFE agency. "If he had not taken that decision, it could have unpredictable consequences on the international financial system," said the President of the Swiss Federation.
Minister Keller-Sutter has stated that the defeat of Credit Suisse would have "irreparable consequences" not only for Switzerland, but also for the rest of the world's banks. Credit Suiss President Axel Lehmann also reaffirmed that the "extraordinary and unprecedented" situation makes the decision taken the "best" result.
Credit Suisse is the second largest bank in Switzerland. But last Friday, after the defeat of Silicon Valley Bank, it lost over 30 percent of its stock market value.
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