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UBS to take over Credit Suisse: Swiss central bank

Swiss banking giant UBS is acquiring its ailing rival Credit Suisse, the Swiss central bank says.

March 20, 2023
20 March 2023

UBS will take over Credit Suisse, Swiss authorities say, in a deal to combine Switzerland’s top two banks designed to contain a widening crisis of confidence in global finance.

The deal includes 100 billion Swiss francs ($A162 billion)  in liquidity assistance for UBS and Credit Suisse.

Credit Suisse, a 167-year-old bank, has been the biggest name ensnared in market turmoil unleashed by the recent collapse of US lenders Silicon Valley Bank and Signature Bank, forcing it to tap $US54 billion ($A81 billion) in central bank funding last week.

“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,” the Swiss central bank said. 

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