Swiss major UBS to take over rival Credit Suisse

Zurich, March 19

UBS will take over Credit Suisse to help rescue the embattled lender, the Swiss authorities said on Sunday. The deal includes 100 billion Swiss francs in liquidity assistance for UBS and Credit Suisse.

“With the takeover, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss central bank said.

A source familiar with the matter said the deal was valued at more than $2 billion, after UBS increased its offer. Officials have been racing to rescue the 167-year-old bank, among the world’s largest wealth managers, after a brutal week saw the second and third-largest American bank failures in history. A source said 10,000 jobs might have to be cut if the two banks were merged. — Reuters