The Swiss Financial Market Supervisory Authority announced that UBS (UBS) will take over Credit Suisse in full. The "extraordinary government support will trigger a complete write-down of the nominal value of all AT1 shares of Credit Suisse in the amount of around CHF 16 billion, and thus an increase in core capital," the agency said in a statement. "The transaction and the measures taken will ensure stability for the bank’s customers and for the financial centre. The SNB is granting the bank further liquidity assistance that is backed by a default guarantee by the Swiss Confederation. This will provide sufficient liquidity to carry out the takeover. On this basis, it will be possible to continue all the business activities of both banks with no restrictions or interruptions," it added. See the top stocks recommended by analysts >>
Read More on CS:
- Banking Sector Concerns Remain Even after the UBS’s Takeover of CS
- Credit Suisse Runs Out of Road; UBS Comes to the Rescue
- Lloyds, HSBC, and Barclays: UK Banking Shares in the Spotlight
- UBS agrees to buy Credit Suisse for over $2B, Bloomberg reports
- Nationalization or Obliteration: What Will Happen to Credit Suisse?
