UBS and the Swiss government have agreed on how they will share losses linked to the bank’s emergency takeover of Credit Suisse, which will create a giant Swiss bank. The agreement clears the way for the takeover to close within days, .
The Swiss government made good on its pledge to indemnify banking giant UBS for losses from its $3.2 billion takeover of rival Credit Suisse on Friday, three days before the deal becomes final.
UBS and the Swiss government announced Friday that they had signed a loss protection agreement which will come into effect once the takeover of Credit Suisse is completed.
BERLIN (AP) — UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the…
UBS said Monday that it has completed its takeover of embattled rival Credit Suisse in a bid to safeguard Switzerland's reputation as a global financial center and choke off market turmoil.
The acquisition, agreed to in March in an emergency rescue brokered by the Swiss government, sets UBS up for a windfall gain in the tens of billions of dollars.
UBS has finalized its emergency takeover of fallen rival Credit Suisse, creating a giant Swiss bank with nearly $1.7 trillion in assets in the biggest banking tie-up since the 2008 global financial crisis.
The merger was finalised just under three months after a rapid agreement brokered by the Swiss government. Meanwhile, European leaders are exerting pressure on Tunisia to accept a $1.9 billion IMF bailout.…
