UBS to buy Credit Suisse in $5.3b deal to end crisis

UBS to buy Credit Suisse in $5.3b deal to end crisis
Swiss National Bank president Thomas Jordan. (Image: Getty)
Bloomberg
By Marion Halftermeyer, Eyk Henning, Jan-Henrik Förster and Dinesh NairUBS Group agreed to buy Credit Suisse Group in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets. The Swiss bank is paying 3 billion francs (NZ$5.3b) 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.The Swiss National Bank is offering 1...

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