Biggest Swiss Bank Agrees To Buy Credit Suisse, Doubles Its Offer: Report
NDTV
The two largest banks in the wealthy Alpine nation famed for its banking prominence have been in negotiations throughout the weekend.
UBS has agreed to take over its troubled Swiss rival Credit Suisse after doubling its offer to $2 billion, the Financial Times reported amid urgent talks Sunday aimed at sparing the embattled bank from a bloodbath when the markets reopen.
The two largest banks in the wealthy Alpine nation famed for its banking prominence have been in negotiations throughout the weekend, with the government, the central bank and financial regulators all involved.
The Financial Times newspaper, which was the first on Friday to report the prospect of Switzerland's biggest bank swallowing up Credit Suisse, said UBS had agreed to buy it for $2 billion, with its fellow Zurich-based lender having spurned an earlier offer of $1 billion.
The FT said shareholders would get 0.50 Swiss francs ($0.54) per share, with the deal to be done on Sunday before the markets open in Asia.
