As part of the deal, the Swiss National Bank (SNB) committed to provide a $100 billion liquidity line to USB.
UBS previously put a $1 billion offer on the table on March 18, but the deal was rejected by the Credit Suisse board, FT sources said. The $1 billion offer was a considerable discount under the bank's market value on March 17 of nearly $8 billion,To close the deal, Swiss authorities also agreed to change the country's regulations to bypass a shareholder vote and announce the deal over the weekend, ahead of the markets opening.
Also, as part of the deal, the Swiss National Bank committed to provide over $100 billion in liquidity line to USB. According to the FT, the deal was heavily influenced by the SNB and the Swiss Financial Market Supervisory Authority . United States and European regulators are said to have approved the deal, with coordinated statements to be released later on Sunday.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS makes offer for Credit Suisse, bondholder losses consideredAuthorities have been scrambling to rescue the bank, among the world's largest wealth managers, before financial markets open. Its failure would ripple throughout the entire financial system.
Read more »
UBS reaches agreement to buy Credit Suisse after upping offer: reportUBS reportedly reached a deal with Swiss regulators to buy Credit Suisse for $2 billion in a move to prevent the potential collapse of Credit Suisse from roiling markets.
Read more »
UBS in discussions to buy Credit Suisse: reportUBS Group AG is in talks to buy all or parts of Credit Suisse, with their boards meeting separately over the weekend, the Financial Times reported late Friday.
Read more »
Credit Suisse meets to weigh options, under pressure to merge with UBSCredit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG .
Read more »
UBS in talks to buy troubled Credit Suisse, FT reportsInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
UBS in talks to acquire Credit Suisse -FT By Reuters*UBS IN TALKS TO TAKE OVER ALL OR PART OF CREDIT SUISSE AS SHARE PRICES FALL $UBS $CS 🇨🇭🇨🇭
Read more »