Credit Suisse
Photo: Reuters

BREAKING: UBS Offers $2 billion For Troubled Credit Suisse

4 mins read

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.

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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.

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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?”

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Uduegbunam Chukwujama
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