UBS will take over the embattled Credit Suisse for $3 billion Swiss francs ($4.8 billion) in a bid to rescue the embattled lender — a move backed by Swiss authorities. Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2023-03-20/ubs-backed-by-swiss-authorities-take-over-credit-suisse/102118096
The Swiss government is at pains to point out this is not a bail out. But all the same, this is an emergency rescue of one of the most important banks in the world amid fears of contagion in global markets. UBS is taking over the embattled Credit Suisse with guarantees and substantial support from the Swiss government. The $4.8 billion rescue package is aimed at stemming panic in global financial markets after the failure of two banks in the US this month. The Swiss Central Bank will also provide $110 billion in liquidity assistance to shore up the 167 year old institution. The Swiss government will also provide a loss guarantee up to $14 billion dollars but insists its not a bail out.
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