UBS Group takeover of Credit Suisse , arranged by the Swiss authorities to stave off a broader banking crisis, is set to become official as early as June 12, the bank said on Monday.
March 16: Credit Suisseit intends to borrow up to 50 billion Swiss francs from the Swiss National Bank in "decisive action" to boost its liquidity.
March 19: An emergency rescue of Credit Suisse, brokered by the Swiss government, central bank and financial regulator, is. Under the deal, UBS agrees to buy Credit Suisse for a knockdown price of 3 billion Swiss francs in stock and agreed to assume up to 5 billion francs in losses. Detailing the events later in a regulatory filing UBS said itin Switzerland, with parties on the right and left warning about the huge risks and the size of the combined entity.
its decision to impose steep losses on Credit Suisse bondholders, calling the decision legally watertight.
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