Swiss Government Agrees to BuyoutUBS has agreed to buy Credit Suisse, its beleaguered rival, the Swiss government said on Sunday, in a hastily arranged deal meant to shore up the global financial sector after a week of turmoil. Support from the Swiss National Bank and RegulatorsTo help support UBS, the Swiss National Bank agreed to lend up to 100 billion Swiss francs, or $108.8 billion. And Finma, the Swiss financial regulator, said it would temporarily suspend some regulations to help UBS digest its chief competitor. Credit Suisse Troubles Were Largely of Its Own MakingThe takeover of Credit Suisse is the most consequential fallout to date from the turmoil that spread from the implosion of Silicon Valley Bank earlier this month. Talks between Credit Suisse and the far stronger UBS intensified over the past week, as Swiss banking authorities sought to avoid a chaotic dissolution of Credit Suisse.

Source: New York Times March 19, 2023 20:02 UTC