UBS to buy Credit Suisse in gov’t-backed emergency rescue deal

World Economy

Swiss banking giant UBS said Sunday it will buy its embattled rival Credit Suisse in a government-brokered rescue deal worth 3 billion Swiss francs ($3.2 billion) aimed at calming financial market jitters triggered by the collapse of two U.S. regional banks.

Negotiations for the acquisition were initiated by the Swiss government and the Swiss National Bank, while six of the world’s central banks, including the U.S. Federal Reserve, the European Central Bank and the Bank of Japan, announced a coordinated effort to enhance global dollar liquidity to calm financial markets.

The Swiss central bank...

Kyodo News

Kyodo News