BREAKING: UBS Offers $2 billion For Troubled Credit Suisse

March 19, 2023
Credit Suisse
Photo: Reuters

Prime Business Africa reports that UBS has agreed to buy up Credit Suisse and has in fact increased its offer to  over $2 billion. This came following indications that Swiss authorities Swiss authorities are poised to change the country’s laws and bypass a shareholder vote required for the transaction.

This decision and the offer by UBS follows a rush to close the deal before Monday, March 20, 2023.

Join our WhatsApp Channel

READ: Down The Valley At Silicon River Bank 

FULL LIST: How 18 U.S Banks Failed In 5 Years – Questions For Nigerian Banks

International media reports that regulators and banks are working towards announcing the deal on Sunday evening. However, some of the people criticised the plans to circumvent normal corporate governance rules by preventing a UBS shareholder vote.”

A tweet by Financial Times at 5 p.m on Sunday, saying that “UBS has agreed to buy Credit Suisse after increasing its offer to more than $2bn” had elicited a lot of reactions from Twitter users.

Twitter user, Harry Lyn Beck @tismadnessnow, while replying the tweet, queried the move and asking: “How much is the FED and Treasury contributing to bail out the Swiss banking system?”

Uduegbunam Chukwujama
+ posts
Previous Story

Nollywood Star Elliot Heaps Plaudits On Opposition Party Flagbearers In Surulere Constituency Election 

Ibadan Explosion Update: 2 Dead, 77 Injured- Gov Seyi Makinde
Next Story

Makinde Wins Oyo Guber Elections

Latest from Business

Market Analysis: Nigeria’s Q2 Growth Numbers In View

Sector details from today's GDP, especially the balance between services resilience and oil price variability, could shape positioning for the meeting, Daniel Wesonga, Pepperstone'sSenior Sales Manager, said in an exchange with Prime Business Africa Friday morning.
Recapitalisation: UBA Extends Deadline For Rights Issue

Recapitalisation: UBA Extends Deadline For Rights Issue

The United Bank for Africa (UBA) has extended the closing date for its rights issue by two weeks. The rights issue, which was originally scheduled to close on 5 September 2025, has been shifted to 19 September 2025.Join our WhatsApp Channel This was contained in
Previous Story

Nollywood Star Elliot Heaps Plaudits On Opposition Party Flagbearers In Surulere Constituency Election 

Ibadan Explosion Update: 2 Dead, 77 Injured- Gov Seyi Makinde
Next Story

Makinde Wins Oyo Guber Elections

Don't Miss

What To Watch At The Cinema This Weekend

What To Watch At The Cinema This Weekend

Going to the cinema is one of the best ways
APC: The Time To Tame The Fanning Out Of Fake News

APC: The Time To Tame The Fanning Out Of Fake News

By Bala Ibrahim For the best part of last night,