Switzerland’s largest bank, UBS, bought its second largest bank, Credit Suisse, for 3 billion francs ($3.24 billion). expression Credit Suise.
“Credit Suisse and UBS signed a merger agreement on Sunday following the intervention of the Swiss Federal Ministry of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA (FINMA),” the text reads.
According to the agreement, Credit Suisse shareholders will receive 1 UBS share with a total value of 3 billion francs for every 22.48 Credit Suisse shares.
In the statement, it was stated that until the completion of the merger, Credit Suisse will continue its normal business and will continue to implement restructuring measures in cooperation with UBS. The merger process is expected to be completed by the end of 2023.
Previously, the press service of the Swiss National Bank reportedUBS acquired Credit Suisse. Initially, the bank offered to buy Credit Suisse for about 1 billion francs, then announced that it had doubled the amount.