Just the News
Swiss banking giant UBS on Sunday said it is buying Credit Suisse, its smaller rival, in what the bank called an “emergency rescue” in an attempt to prevent more turmoil in the global banking market.
The purchase price is $3.2 billion, according to NBC News, and is expected to create the world’s leading wealth manager with $5 trillion in invested assets, UBS said.
“This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue,” UBS Chairman Colm Kelleher said.
The transaction will ensure that Credit Suisse shareholders receive 1 UBS share for 22.48 Credit Suisse shares.