Swiss Banking Large UBS Takes over Credit score Suisse for $3.24 Billion in Shares

Final Up to date: March 20, 2023, 02:45 IST

Chairman of the Board of Administrators of Credit score Suisse, Axel Lehmann attends a information convention on Credit score Suisse after UBS takeover supply, in Bern, Switzerland, March 19, 2023. (Picture: Reuters)

Credit score Suisse made this announcement after intense talks in Bern on Sunday

UBS will take over stricken rival Swiss financial institution Credit score Suisse for “a merger consideration of three billion Swiss francs”, ($3.24 billion), Credit score Suisse mentioned in a press release Sunday following intense talks in Bern.

“All shareholders of Credit score Suisse will obtain one share in UBS for 22.48 shares in Credit score Suisse as merger consideration. This trade ratio displays a merger consideration of three billion Swiss francs for all shares in Credit score Suisse,” the troubled financial institution mentioned, with chairman Axel Lehmann including: “Given current extraordinary and unprecedented circumstances, the introduced merger represents the most effective accessible final result.”

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