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UBS takes over Credit Suisse to avert banking crisis


UBS, Switzerland's largest bank, has announced its acquisition of struggling rival Credit Suisse. According to the Swiss National Bank, the takeover will ensure financial stability and safeguard the Swiss economy. The emergency rescue deal aims to prevent financial market turmoil caused by the collapse of two American banks earlier this month. UBS is acquiring Credit Suisse for SWF3bn (USD3.3bn), which is approximately 60% less than the bank's value when markets closed on Friday. The global financial market regulators have welcomed UBS' decision to acquire Credit Suisse. US authorities have expressed their support and cooperated with the Swiss central bank to facilitate the takeover. Ralph Hamers, the CEO of UBS, will lead the combined bank, while Colm Kelleher, UBS chairman, will serve as chairman.

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