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UBS to buy Credit Suisse in USD 3.3bn deal to end crisis

UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets. 
Chairman of the Board of Directors of UBS, Colm Kelleher and Chairman of the Board of Directors of Credit Suisse, Axel Lehmann attend a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. | Photo: Denis Balibouse/Reuters/Ritzau Scanpix
Chairman of the Board of Directors of UBS, Colm Kelleher and Chairman of the Board of Directors of Credit Suisse, Axel Lehmann attend a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. | Photo: Denis Balibouse/Reuters/Ritzau Scanpix
By Marion Halftermeyer, Eyk Henning, Jan-Henrik Förster and Dinesh Nair / Bloomberg

The Swiss bank is paying CHF 3bn (USD 3.2bn) for its rival in an all-share deal that includes extensive government guarantees and liquidity provisions. The price per share marked a 99% decline from Credit Suisse’s peak in 2007. 

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