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UBS takes over crisis-stricken rival Credit Suisse for $3.25bn after government intervention
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fnlondon.comUBS has agreed to buy rival Credit Suisse in an all-share deal in the biggest merger between two systematically integral banks since the 2008 global financial crisis after the Swiss government intervened to broker a deal.
The deal was announced on 19 March evening by the Swiss government and approved by Swiss financial regulator Finma. UBS will offer 0.76 Swiss francs (CHF) for its cross-town rival in an all-share deal, a total consideration of CHF3bn ($3.2bn), the banks said in a statement.
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