Downing Street and the Bank of England both said the UK’s banking system remains “safe” in an effort to reassure investors and businesses. The Credit Suisse deal was announced on Sunday evening, as UBS agreed to pay around £2.7 billion for its former rival. The deal was brokered by the same Swiss regulators who had on Wednesday said they would lend up to £45 billion to Credit Suisse to keep it afloat. Credit Suisse Group announces it has entered into a merger agreement with UBS. All details available here: https://t.co/IkG4X3wze5 pic.twitter.com/3Obz6zpxSC — Credit Suisse (@CreditSuisse) March 19, 2023On Sunday, Swiss president Alain Berset said an “uncontrolled” collapse of Credit Suisse could have sent ripples across the world which could cause “incalculable consequences” in the international financial system.

Source: The Herald March 20, 2023 22:17 UTC