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Post by sevenofnine on Mar 19, 2023 14:36:17 GMT -5
Remember Asia market going open up at 7pm est soon for Monday trading they have get this done The Swiss National Bank said at a press conference in Bern on Sunday evening that UBS would be taking over embattled lender Credit Suisse. The companies said that UBS would acquire Credit Suisse for 3 billion Swiss francs ($3.23billion). Swiss President Alain Berset said that the Swiss Federal Council welcomed the takeover. Berset said the takeover was the "best solution" to restore and strengthen market confidence in Credit Suisse and the Swiss financial center. Government and banking officials had been locked in urgent talks to rescue the embattled lender,which was given a $54 billion (€50 billion) lifeline by the country's central bank this week. Swiss Finance Minister Karin Keller-Sutter said at the press conference that the government in Bern had agreed to provide guarantees of up to 9 billion Swiss francs to underwrite the takeover. But Keller-Sutter said these guarantees would apply only to a "very specific portfolio, which UBS is now taking over." She also said that the guarantees would only start to apply if UBS's losses connected to the takeover exceeded 5 billion francs. www.dw.com/en/ubs-and-swiss-national-bank-agree-credit-suisse-takeover/a-65041855
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