UBS buys Credit Suisse for CHF 2 billion

Zurich, Frankfurt The struggle for the future of Credit Suisse is over: UBS takes over the second largest Swiss bank. The Swiss National Bank (SNB) is supporting the emergency merger with liquidity assistance amounting to CHF 100 billion, as the government, financial regulator and the two banks announced in a joint press conference.

UBS pays three billion francs (around three billion euros), or 0.76 francs per share, as announced by the money house. The purchase price means a significant discount compared to the most recent market value. At the close of trading on Friday, Credit Suisse shares were listed at around 1.86 francs, and the market capitalization was over seven billion francs.

The emergency takeover is the most significant bank merger in Europe since the financial crisis 15 years ago. The bailout of the troubled bank was due to be finalized ahead of the opening of markets in Asia on Monday and was followed by bankers and regulators around the world.

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