Explained: UBS Buys Credit Suisse In $3.2 Billion All Share Transaction
By Mohammed Kudrati Swiss multinational banking group UBS announced that it was acquiring its smaller peer Credit Suisse in an all-share transaction worth $3.2 billion late on Sunday night. The transaction is expected to close in the second quarter of 2023 and has full government approval as it was facilitated by the trio of the Swiss National Bank, the Swiss Federal Ministry of Finance and FINMA, the Swiss market regulator. Swiss authorities have pushed the deal through based on emergency powers which ensures that the deal will not require any shareholder approval. The follows a five-day orde...