{"id":1243939,"date":"2023-03-21T10:26:14","date_gmt":"2023-03-21T04:56:14","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1243939"},"modified":"2023-03-21T10:26:46","modified_gmt":"2023-03-21T04:56:46","slug":"worlds-biggest-banks-join-forces-to-save-credit-suisse-bank-ubs-agrees-to-buy-credit-suisse-for-rs-26000-crore","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/worlds-biggest-banks-join-forces-to-save-credit-suisse-bank-ubs-agrees-to-buy-credit-suisse-for-rs-26000-crore\/","title":{"rendered":"World’s Biggest Banks Join Forces To Save Credit Suisse Bank: UBS Agrees To Buy Credit Suisse For Rs 26,000 Crore"},"content":{"rendered":"\n

In a historic deal, Swiss authorities persuaded UBS Group AG to buy rival Credit Suisse Group<\/a> AG in order to stop a banking crisis from spreading.<\/p>\n\n\n\n

\"World's<\/figure>\n\n\n\n

How Did This Happen?<\/strong><\/p>\n\n\n\n

 To achieve this some of the world’s largest central banks came together on Sunday.<\/p>\n\n\n\n

As part of this deal, UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse.<\/p>\n\n\n\n

It will assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee and expected to close by the end of 2023.<\/p>\n\n\n\n

After this 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.<\/p>\n\n\n\n

The move has affected S&P 500 and Nasdaq futures which were each up 0.4%, both giving back some earlier gains. <\/p>\n\n\n\n

At the same time, New Zealand dipped at the open and Australian shares opened with a 0.5% loss. <\/p>\n\n\n\n

Similarly, the safe-haven dollar lost ground against Sterling and the euro but was up versus the yen.<\/p>\n\n\n\n

A Historic Day in Switzerland<\/strong><\/p>\n\n\n\n

It appears that the pressure on UBS helped seal Sunday’s deal.<\/p>\n\n\n\n

The UBS Chair Colm Kelleher told analysts that “It’s a historic day in Switzerland, and a day frankly, we hoped, would not come,” during a conference call. <\/p>\n\n\n\n

Further adding, “I would like to make it clear that while we did not initiate discussions, we believe that this transaction is financially attractive for UBS shareholders,”.<\/p>\n\n\n\n

Although, there were still many details to be worked through, said UBS CEO Ralph Hamers. <\/p>\n\n\n\n

Adding, “I know that there must still be questions that we have not been able to answer and I understand that and I even want to apologize for it.”<\/p>\n\n\n\n

 The Fed said it had joined with central banks in Canada, England, Japan, the EU and Switzerland in a coordinated action to enhance market liquidity, in a global response not seen since the height of the pandemic.<\/p>\n\n\n\n

In order to restore the peace and calm, the ECB vowed to support euro zone banks with loans if needed, adding the Swiss rescue of Credit Suisse was “instrumental”.<\/p>\n\n\n\n

In the meantime, Fed Chair Jerome Powell and U.S. Treasury Secretary Janet Yellen welcomed the announcement by the Swiss authorities. <\/p>\n\n\n\n

The former chairman and CEO of Goldman Sachs Group Inc, Lloyd Blankfein said, \u201cThe greater risk environment for financials leads to husbanding of capital and risk-taking, less and more conservative investing and lending, and inevitably, lower growth.”<\/p>\n","protected":false},"excerpt":{"rendered":"

In a historic deal, Swiss authorities persuaded UBS Group AG to buy rival Credit Suisse Group AG in order to stop a banking crisis from spreading. How Did This Happen?  To achieve this some of the world’s largest central banks came together on Sunday. As part of this deal, UBS will pay 3 billion Swiss […]<\/p>\n","protected":false},"author":27,"featured_media":1243953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[740,1185],"class_list":["post-1243939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-credit-suisse","tag-ubs"],"acf":[],"yoast_head":"\nWorld's Biggest Banks Join Forces To Save Credit Suisse Bank: UBS Agrees To Buy Credit Suisse For Rs 26,000 Crore - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/worlds-biggest-banks-join-forces-to-save-credit-suisse-bank-ubs-agrees-to-buy-credit-suisse-for-rs-26000-crore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World's Biggest Banks Join Forces To Save Credit Suisse Bank: UBS Agrees To Buy Credit Suisse For Rs 26,000 Crore - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"In a historic deal, Swiss authorities persuaded UBS Group AG to buy rival Credit Suisse Group AG in order to stop a banking crisis from spreading. 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