UBS buys Credit Suisse, news and stocks

UBS buys Credit Suisse, news and stocks

39 minutes ago

European bank stocks fell

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European shares fell in early trade as investors assessed a news-filled weekend that led to UBS’ takeover of Credit Suisse.

The Stoxx 600 was down 1.4% at 8:30 am London time, with losses across major stock exchanges and in all sectors except utilities.

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Stoxx 600 index.

one hour ago

Credit Suisse fell 62% in Julius Baer’s pre-market trade

Shares of Credit Suisse fell 61.95% in pre-market trading via private bank Julius Baer, ​​Reuters reported at 8:14 a.m. CET, following news of the former lender’s takeover by UBS.

UBS Group shares lost 7.1%.

Credit Suisse has until the Swiss market open at 9:00 am CET to suspend trading in its shares. You haven’t done that yet.

“With the acquisition 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 National Bank said of the deal at the end of the week.

Credit Suisse shares fell 25.5 percent last week.

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Credit Suisse share price.

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UBS buys Credit Suisse in a $3.2 billion acquisition

UBS has finalized an agreement to buy rival Credit Suisse for $3.2 billion. Swiss regulators played a key role in facilitating the deal in an effort to quell a contagion threatening the banking sector.

Credit Suisse witnessed a decline in its shares last week after the largest investor, the Saudi National Bank, refused to provide additional financing. Despite subsequent actions from Credit Suisse and Swiss regulators to assuage investor fears Including a loan of up to 50 billion Swiss francs ($54 billion) Shares fell 25.5% by the end of the week.

Under the deal, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held. According to UBS, the joint bank will have $5 trillion in invested assets.

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