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20-03-2023, 06:52 AM
Both banks could now continue their business as usual. Bank counters, ATMs, online banking, debit and credit cards - all services remained accessible in the usual way.
She was in daily contact with finance ministers from other countries, especially those from Great Britain and the USA. The President of the European Central Bank, Christine Lagarde, welcomed "the rapid action and the decisions of the Swiss authorities." The ECB's monetary policy toolbox is also fully equipped to provide the euro area financial system with liquidity if required.
UBS will pay the purchase price in its own shares, which corresponds to a price of CHF 0.76 per Credit Suisse share certificate. "This acquisition is attractive for UBS shareholders, but it is clear - as far as Credit Suisse is concerned, this is an emergency rescue," said UBS chairman Colm Kelleher. He becomes president of the merged bank, UBS boss Ralph Hamers its CEO.
According to an insider, at least 10,000 jobs could be cut. UBS expects annual savings of more than $8 billion by 2027. The amount of job cuts cannot yet be quantified, Kelleher said.
Investors in certain equity-like bonds (AT-1) lose their stake. The papers with a nominal value of 16 billion Swiss francs are written down to zero. The AT-1 bonds were invented after the financial crisis of 2007/08 to serve as a buffer in a crisis and to prevent banks from collapsing quickly.
Whether this will succeed will be shown above all on the global financial markets, which will open in Asia in a few hours.
The 167-year-old Credit Suisse is one of the largest wealth managers in the world and is one of 30 global systemically important banks whose failure would affect the entire financial system. After a series of home-grown problems and scandals, the bank got caught up in the maelstrom of the collapsed US institutions Silicon Valley Bank (SVB) and Signature Bank.
Most recently, she had to use emergency loans from the Swiss National Bank (SNB) of up to CHF 50 billion. It is the first time since the global financial crisis of 2007/08 that a central bank has been forced to support such a large bank.
https://www.cash.ch/news/top-news/ubs-za...sse-584719
She was in daily contact with finance ministers from other countries, especially those from Great Britain and the USA. The President of the European Central Bank, Christine Lagarde, welcomed "the rapid action and the decisions of the Swiss authorities." The ECB's monetary policy toolbox is also fully equipped to provide the euro area financial system with liquidity if required.
UBS will pay the purchase price in its own shares, which corresponds to a price of CHF 0.76 per Credit Suisse share certificate. "This acquisition is attractive for UBS shareholders, but it is clear - as far as Credit Suisse is concerned, this is an emergency rescue," said UBS chairman Colm Kelleher. He becomes president of the merged bank, UBS boss Ralph Hamers its CEO.
According to an insider, at least 10,000 jobs could be cut. UBS expects annual savings of more than $8 billion by 2027. The amount of job cuts cannot yet be quantified, Kelleher said.
Investors in certain equity-like bonds (AT-1) lose their stake. The papers with a nominal value of 16 billion Swiss francs are written down to zero. The AT-1 bonds were invented after the financial crisis of 2007/08 to serve as a buffer in a crisis and to prevent banks from collapsing quickly.
Whether this will succeed will be shown above all on the global financial markets, which will open in Asia in a few hours.
The 167-year-old Credit Suisse is one of the largest wealth managers in the world and is one of 30 global systemically important banks whose failure would affect the entire financial system. After a series of home-grown problems and scandals, the bank got caught up in the maelstrom of the collapsed US institutions Silicon Valley Bank (SVB) and Signature Bank.
Most recently, she had to use emergency loans from the Swiss National Bank (SNB) of up to CHF 50 billion. It is the first time since the global financial crisis of 2007/08 that a central bank has been forced to support such a large bank.
https://www.cash.ch/news/top-news/ubs-za...sse-584719
