Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: One was killed, another injured in a raid by an Israeli drone on the city of Khiam in South Lebanon
London views possibility of setting fire to tanker in port of friendly country to Russia to damage port infrastructure, initiate an international probe: Moscow
One of London's scenarios involves setting up accident with 'undesirable' tanker in one of the bottlenecks of maritime communications: Russian foreign intelligence agency
London plans to organize major sabotage with tankers to declare transportation of Russian oil to international shipping: Russian foreign intelligence agency
UK intelligence agencies plan to use NATO allies to launch massive raid on 'Shadow Fleet': Russian foreign intelligence agency
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.

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

  • By Al Mayadeen English
  • Source: Agencies
  • 19 Mar 2023 15:57
3 Min Read

Financial Times says that the Swiss authorities have been running against the clocks to secure the merger before markets reopen on Monday.

  • x
  • Last bid to avert financial crisis: UBS offers $1bn for Credit Suisse
    UBS Group and Credit Suisse logos are seen in this illustration taken March 18, 2023. (Reuters)

UBS laid down a $1 billion offer on Sunday to buy Credit Suisse, as 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, the Financial Times reported.

The acquisition will be worth just a fraction of Credit Suisse's closing price on Friday evening, just over $8.7 billion - despite a $54-billion lifeline secured by the Swiss National Bank SNB.

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, FT said earlier. 

Read more: Europe bank shares sink on concerns over US sector, Deutsche down 10%

Switzerland's biggest bank, UBS, has been actively running against the clock during the weekend to finalize the takeover of crashing Credit Suisse before Monday, and the troubled bank's stock shares fell even more dramatically until deemed insolvable.

The Swiss government has been urging UBS to take the deal in just few days - which usually would take months considering the volume of the bought entity - in efforts to avoid a widespread panic among the banking systems and prevent a ripple effect impacting other financial institutions.

Timely negotiations over the buyout have included the bank's board, the Swiss government, the central bank SNB, and financial regulators.

Read more: 200 US banks are under risk: Study

Related News

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

According to Blick newspaper, the takeover will take place on Sunday in Bern, during a meeting between the bank's top executives and government officials.

"When the stock market opens on Monday, Credit Suisse could be a thing of the past," the newspaper said, explaining as to why the Swiss government has been rushing to secure this deal over mounting pressure from the country's largest economic and financial partners.

Bloomberg reported on the matter, citing unnamed sources, that UBS will demand publicly stated guarantees to cover legal expenses and even potential losses.

- The unthinkable becomes true - 

Swiss newspaper SonntagsZeitung called it "the merger of the century".    

"The unthinkable becomes true: Credit Suisse is about to be taken over by UBS," the tabloid said. The government, Swiss Financial Market Supervisory Authority FINMA and the SNB "see no other option", it added.    

"The pressure from abroad had become too great -- and the fear that the reeling Credit Suisse could trigger a global financial crisis."  

- Not too big -

Credit Suisse is among the largest 30 banks in the world - dubbed as Global Systemically Important Banks - that were previously considered to be too big to fail.   

"We are now awaiting a definitive and structural solution to the problems of this bank," France's Minister of Finance Bruno Le Maire told Le Parisien newspaper. "We remain extremely vigilant."    

The Financial Times reported that Credit Suisse depositors withdrew around 10 billion Swiss francs ($10.8 billion) from their accounts in just one day last week.

  • SNB
  • Switzerland
  • Silicon Valley bank
  • The Financial Times
  • UBS
  • SVB
  • Credit Suisse

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS