Election Day- Use Code DEMOCRACY24

Register Now

Banking giant UBS acquiring Credit Suisse for $3.2 billion

Published on March 19, 2023
Current context: UBS will buy Credit Suisse and sell off parts of Credit Suisse, or reduce the size of the bank over the coming months and year. UBS is buying Credit Suisse for $3.2 billion in an effort to avoid further turmoil in global banking. The Swiss President Alain Berset announced on March 19, 2023.
Banking giant UBS acquiring Credit Suisse for $3.2 billion
  • Swiss Federal Council is a seven-member governing body that has passed an emergency ordinance that allows the merger to go through without the approval of shareholders.
  • Opportunities that emerge from the takeover are highlighted that the combined group would create a wealth manager with over $5 trillion.
  • There is a guarantee of total of 150 billion francs ($162 billion) of liquidity to Credit Suisse, beyond the 50 billion Swiss francs ($54 billion).
  • Credit Suisse is designated by the Financial Stability Board, an international body that monitors the global financial system, as one of the world’s globally systemic important banks.
  • The deal followed the collapse of two large U.S. banks.
  • The weaknesses that brought down Silicon Valley Bank and Signature Bank are rescued by the Federal Deposit Insurance Corporation and the Federal Reserve.
  • The Swiss central bank has agreed to provide a loan of 100 billion Swiss francs ($108 billion) backed by a federal default guarantee to support the deal.

Question: 

Q.1 Banking giant UBS acquiring Credit Suisse for ______
a. $3.2 billion
b. 6.4 billion dollars
c. 7.7 billion dollars
d. 3.8 billion dollars
ebook store

About us

ramandeep singh

Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and 5000+ selections, Ramandeep understands the path to success, having transitioned himself from Dena Bank and SBI. He's passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu