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UBS to Buy Credit Suisse for $1 Billion, Report Says
Credit Suisse, once a Swiss and European financial flagship, will be swallowed up by its rival and compatriot UBS for only $1 billion, in a bid to restore confidence around the banking sector, the Financial Times reported. To restore calm as quickly as Credit Suisse recorded some 10 billion Swiss francs in outflows in one week, the Swiss authorities urged UBS to acquire Credit Suisse. To expedite things and calm down the markets, the Swiss authorities plan to change the regulatory laws of the country requiring that a merger or acquisition be validated by the shareholders via a vote, according to the report.