Canada among central banks banding together to calm markets after UBS deal to buy Credit Suisse
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Loading... - Aylen Lopez
- 20 Mar 2023
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UBS will pay $4.4B Cdn for Credit Suisse, assume $7.4B in losses
Some of the world's largest central banks came together on Sunday to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group AG on Sunday to buy rival Credit Suisse Group AG in a historic deal.
UBS will pay 3 billion Swiss francs ($4.4 billion Cdn) for 167-year-old Credit Suisse and assume up to $5.4 billion US ($7.4 billion Cdn) in losses in a deal backed by a massive Swiss guarantee and expected to close by the end of 2023.
Soon after the announcement late on Sunday, the U.S. Federal Reserve, European Central Bank and other major central banks came out with statements to reassure markets that have been walloped by a banking crisis that started with the collapse of two regional U.S. banks earlier this month.
S&P 500 and Nasdaq futures were each up 0.4 per cent, both giving back some earlier gains. New Zealand dipped at the open and Australian shares opened with a 0.5 per cent loss. The safe-haven dollar lost ground against Sterling and the euro but was up versus the yen. Read More…
