UBS has agreed to buy Credit Suisse for more than two billion dollars (1.87 billion euros) reported Sunday, March 19, the Financial Times, citing sources close to the file.
To get its hands on Credit Suisse, UBS will pay more than 0.50 Swiss francs per share against a closing price on Friday of its target of 1.86 francs, says the FT.
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The Swiss National Bank (SNB), the country's central bank, has agreed to release $100 billion in liquidity to Credit Suisse as part of the deal, the FT added.
When asked, the banks UBS and Credit Suisse did not wish to comment on the information of the British economic and financial daily.
According to press reports, UBS has so far offered a maximum of one billion dollars to take control of its competitor as part of the plan devised by the Swiss authorities to try to avoid turbulence when the financial markets reopen on Monday.
Battered on the stock market last week after the decision of its main shareholder to put back in the pot, Credit Suisse is among the 30 largest banks in the world from a systemic point of view. Its failure would send shockwaves through the entire global financial sector.
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