KEY POINTS
  • UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday.
  • The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold.
  • The Swiss National Bank also pledged a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover.

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UBS Chairman Colm Kelleher (R) shakes hands with Credit Suisse chairman Axel Lehmann (L) after a press conference following talks over Credit Suisse in Bern on March 19, 2023.

UBS agreed to buy its embattled rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) Sunday, with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking system.

"With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation," read a statement from the Swiss National Bank, which noted the central bank worked with the Swiss government and the Swiss Financial Market Supervisory Authority to bring about the combination of the country's two largest banks.

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