International financial services centres authority, Investment banking company

Switzerland, March 20 : Switzerland's biggest bank, Union Bank of Switzerland (UBS) has agreed to take over its troubled Swiss rival Credit Suisse in an emergency rescue deal to unleash the pc after the two American banks failed earlier this month, CNN reported.The Swiss National Bank, in a statement, said, "UBS today announced the takeover of Credit Suisse.""This takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority, and the Swiss National Bank," the central bank added.It said the rescue would "secure financial stability and protect the Swiss economy."This deal came after the Swiss National Bank and the country's top regulator, Finma, told their international counterparts they regard a deal with UBS as the only option to stop Credit Suisse from collapsing, as per The New York Post.Credit Suisse (CS) had been losing the trust of investors and customers for years. In 2022, CS recorded the worst loss since the global financial crisis. And the confidence collapsed last week after it acknowledged "material weakness" in its bookkeeping and as the demise of Silicon Valley Bank and Signature Bank spread fear about weaker institutions at a time when soaring interest rates have undermined the value of some financial assets, reported CNN.The CS witnessed a fall in shares of 25 per cent over the week. An emergency loan from the Swiss National Bank failed to stop the bleeding.Desperate to prevent the meltdown from spreading through the global financial system on Monday, Swiss authorities had pushed hard for a private sector rescue, while reportedly considering Plan B a full or partial nationalization.The emergency takeover was agreed to after a day of frantic negotiations involving financial regulators in Switzerland, the United States, and the United Kingdom. UBS (UBS) and Credit Suisse rank among the 30 most important banks in the global financial system, and together they have almost USD 1.7 trillion in assets.The global headquarters of UBS and Credit Suisse are just 300 yards apart in Zurich but the banks' fortunes have been on very different paths recently. Shares of UBS have climbed 15 per cent in the past two years, and it booked a profit of USD 7.6 billion in 2022. It had a stock market value of about USD65 billion on Friday, according to CNN citing Refinitiv.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

International Financial Services Centres AuthorityFOLLOW

International financial services centres authority, Latest News

Noida (Uttar Pradesh) [India], July 12 : International Financial Services Centers Authority (IFSCA) and IIML-EIC, have signed a MoU ... ...

Hyderabad (Telangana) [India], May 2 (/PRNewswire): International Financial Services Centres Authority (IFSCA) and IHub-Data, IIIT Hyderabad signed an MoU ... ...

New Delhi [India], March 21 : As Silicon Valley Bank-led crisis in the US banking system and contagion effect ... ...

London, March 21 As the dust settles following the emergency rescue of Credit Suisse by UBS, fears of ... ...

Hong Kong, March 20 Asia Pacific markets edged slightly lower on Monday as investors reacted to news of ... ...

Mumbai (Maharashtra) [India], March 20 : Indian equity markets opened with losses on Monday, picking up weak global cues ... ...

Geneva, March 20 Credit Suisse will be taken over by Swiss banking giant UBS, the Swiss federal government ... ...

Switzerland, March 20 : Switzerland's biggest bank, Union Bank of Switzerland (UBS) has agreed to take over its troubled ... ...