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HomeLatest NewsNZZ: Swiss banking giant UBS completes acquisition of former rival Credit Suisse...

NZZ: Swiss banking giant UBS completes acquisition of former rival Credit Suisse KXan 36 Daily News

Date: March 3, 2024 Time: 18:10:04

“We have completed the legal acquisition of Credit Suisse,” the bank said, adding that the acquisition marks “the beginning of a new chapter in its history.” UBS agreed to a $3.2 billion deal in March, with Swiss regulators playing a key role in the takeover amid fears that Credit Suisse’s severe losses would destabilize the banking system.

The newly expanded UBS will have a balance sheet of $1.6 trillion and 120,000 employees. On Friday, Swiss regulators said they would cover losses of up to 9 billion Swiss francs ($10 billion) after UBS pays the first 5 billion Swiss francs of the deal.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.
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