BREAKING Credit Suisse to be bought by UBS for about $2 billion
Swiss President Alain Berset announced the deal on Sunday but did not specify the value of the agreement. He said the purchase was “one of great breadth for the stability of international finance. An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system," per the Associated Press.Credit Suisse's shares soared up to 33% before settling at 25% on March 16, following a two-day, record-low decline in shares.
This is an increase from the initially-reported deal of $1 billion that three people close to the bargain told the New York Times on Sunday. A nearly $54 billion bailout from the Swiss National Bank proved to be futile in keeping Credit Suisse afloat, as the Swiss bank was suffering from years of scandal and instability.
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