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Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

Swiss UBS Bank to take over Credit Suisse for $3.24bln in shares

  • By Al Mayadeen English
  • Source: Agencies
  • 19 Mar 2023 21:32
2 Min Read

Swiss National Bank (SNB) and Switzerland's Financial Market Supervisory Authority (FINMA) brokered the acquisition deal to help people re-establish confidence in the Swiss banking sector.

  • x
  • The company's logo is seen at a branch of Swiss bank UBS in Zurich, Switzerland February 2, 2016. (Reuters)
    The company's logo is seen at a branch of Swiss bank UBS in Zurich, Switzerland, on February 2, 2016. (Reuters)

UBS, Switzerland's biggest bank, agreed to acquire global investment bank Credit Suisse for over $2 billion, according to the Financial Times on Sunday.

UBS' original offer to buy Credit Suisse was $1 billion, reported the newspaper. Swiss authorities were considering changing laws to bypass a shareholder vote on this deal in order to speed up the acquisition.

Swiss authorities plan to amend a law requiring a shareholder vote on the matter, in an attempt to secure the deal before markets reopen on Monday.

Read more: Credit Suisse engage in make-or-break talks over UBS merge pressure

Swiss laws typically require UBS to engage in consultations with its shareholders over six weeks before making an offer, however, the emergency at hand pushed the government to skip the consultation period and a shareholder vote.

In addition, the Swiss National Bank (SNB) and Switzerland's Financial Market Supervisory Authority (FINMA) brokered the acquisition deal, reported the Financial Times earlier in the day while citing sources. 

Related News

Last bid to avert financial crisis: UBS offers $1bn for Credit Suisse

SNB and FINMA attempted to ease up the acquisition in an effort to win back people's confidence in the Swiss banking sector.

The newspaper stated that the Swiss central bank also agreed to offer a $100 billion liquidity line to UBS, as part of the deal.

Credit Suisse's share price took a hit by nearly 30% on Wednesday. This sparked concerns about the liquidity crunch. 

The share price plunge came followed b the recent collapse of several US financial institutions, such as Silicon Valley Bank.

Read more: SVB crashes, assets seizure sends chaos across the tech startup sector

Credit Suisse announced the sale of more than $3 billion in assets on Thursday. They also opened a 50 billion Swiss franc credit line with the Swiss central bank, valued at $54 billion.

This all came as an attempt to stabilize the situation and return the confidence of investors and clients.

  • SNB
  • FINMA
  • UBS
  • Credit Suisse

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