On 19 March 2023, Swiss bank UBS Group AG agreed to buy Credit Suisse for CHF 3 billion (US$3.2 billion) in an all-stock deal brokered by the government of Switzerland and the Swiss Financial Market Supervisory Authority.[1][2][3] The Swiss National Bank supported the deal by providing more than CHF 100 billion (US$104 billion) in liquidity to UBS following its takeover of Credit Suisse's operations,[4] while the Swiss government provided a guarantee to UBS to cover losses of up to CHF 9 billion (US$9.6 billion) over the short term.[1] Additionally, CHF 16 billion (US$17.2 billion) of Additional Tier 1 bonds were written down to zero.[5]
Credit Suisse is a globally systemically important bank whose investment banking unit, First Boston, had been recently tarnished by a series of high-profile scandals. The banking crisis in the United States had caused fear among global investors and led to panic over other possibly troubled banks. Credit Suisse's share price plunged after the leading shareholder ruled out further investment into the bank due to regulatory issues.[6] The deal was rapidly agreed upon and announced just before the Asian financial markets opened on Monday morning in order to prevent "market shaking" turmoil in the global financial markets.[7] Soon afterward, central banks across the world announced USD liquidity measures to try and ease wider market panic and avoid a wider banking crisis.[6]
UBS completed the acquisition on 12 June 2023.[8][9]
^ abCapoot, Ashley (19 March 2023). "UBS buys Credit Suisse for $3.2 billion as regulators look to shore up the global banking system". CNBC. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
^Halftermeyer, Marion; Bazelou, Myriam (19 March 2023). "UBS Agrees to Buy Credit Suisse in Historic Deal to End Crisis". Bloomberg News. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
^Massoudi, Arash; Morris, Stephen; Fontanella-Khan, James; Noonan, Laura; Walker, Owen (19 March 2023). "UBS agrees to buy Credit Suisse for more than $2bn". Financial Times. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
^Cite error: The named reference :8 was invoked but never defined (see the help page).
^Walker, Owen; Martin, Katie; Smith, Robert; Morris, Stephen (19 March 2023). "Holders of $17bn of Credit Suisse bonds wiped out under UBS takeover". Financial Times. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
^ abSmith, Colby (19 March 2023). "Central banks announce dollar liquidity measures to ease banking crisis". Financial Times. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
^Keaten, Jamie; Sweet, Ken (19 March 2023). "UBS to buy Credit Suisse for nearly $3.25B to calm turmoil". Associated Press. Archived from the original on 19 March 2023. Retrieved 19 March 2023.
^Halftermeyer, Marion (12 June 2023). "UBS Completes Credit Suisse Takeover to Create Bank Titan". Bloomberg News. Retrieved 12 June 2023.
^Muller, Andre (12 June 2023). "Credit Suisse, 1856 bis 2023: Die Überlebenskünstlerin ist am Ende" [Credit Suisse, 1856 to 2023: The survivor is dead]. Neue Zürcher Zeitung (in German). Retrieved 12 June 2023.
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