BERN: UBS agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs in stock and agreed to assume up to 5 billion francs in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.
To enable UBS to take over Credit Suisse, the federal government is providing a loss guarantee of a maximum of 9 billion Swiss francs for a clearly defined part of the portfolio, the government said. Swiss President Alain Berset said the government was confident that the takeover was the"best solution" for"restoring confidence that has been lacking the financial markets recently".
Berset was speaking alongside UBS chairman Colm Kelleher and his Credit Suisse counterpart Axel Lehmann at a press conference in the capital Bern.
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