Credit Suisse Crisis
UBS to Buy Credit Suisse in $3.3 Billion Deal to End Crisis
- Government to backstop some losses, provide liquidity
- Authorities pushed for deal amid worsening confidence crisis
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UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets.
The Swiss bank is paying 3 billion francs ($3.2 billion) for its rival in an all-share deal that includes extensive government guarantees and liquidity provisions. The price per share marked a 99% decline from Credit Suisse’s peak in 2007.