Switzerland's largest banking group UBS has agreed to buy trouble-hit Credit Suisse.
The Swiss National Bank disclosed the deal on Sunday.
It says the takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority, and the central bank.
Credit Suisse's performance has been slumping due largely to a series of scandals and poor risk management.
Its share price tumbled on Wednesday, spreading fears of a crisis of confidence across global financial markets.
The Swiss National Bank disclosed the deal on Sunday.
It says the takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority, and the central bank.
Credit Suisse's performance has been slumping due largely to a series of scandals and poor risk management.
Its share price tumbled on Wednesday, spreading fears of a crisis of confidence across global financial markets.
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Summary
Switzerland's largest banking group UBS to acquire troubled Credit Suisse, supported by the Swiss government and regulatory bodies. The move comes in response to Credit Suisse's slumping performance due to scandals and poor risk management, causing a stock price drop and global financial market
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ID: 6562ef21-acb7-486f-bbb4-f91996312996
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20230320_07/
Date: March 20, 2023
Created: 2023/03/20 07:29
Updated: 2025/12/09 06:04
Last Read: 2023/03/20 07:47