Logo is pictured on the Credit Suisse bank in Geneva, Switzerland. Reuters file photo
Geneva, March 20
Shares of Credit Suisse plunged 63 per cent in early trading Monday after the announcement that banking giant UBS would buy its troubled rival for almost USD 3.25 billion in a deal orchestrated by regulators to stave off further market-shaking turmoil in the global banking system.
UBS shares were down 14 per cent in early trading on the Swiss stock exchange. Swiss authorities urged UBS to take over its rival after a plan for Credit Suisse to borrow up to 50 billion francs failed to reassure investors and the bank's customers. — AP
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