UBS acquires Credit Suisse for $3.3 Billion After Collapse; Outlook on the Future of Banking
March 26, 2023
BREAKING - UBS buys Credit Suisse in an emergency rescue after Credit Suisse went under.
Credit Suisse (CS)Â was the second largest bank in Switzerland (behind UBS), with $1.4 trillion in assets under management. It had been involved in multiple scandals over the past 4 years, while rumors spread about the bank's possibility of insolvency. UBS will seize all of CS's assets alongside assuming all of CS's liabilities, making it a mega-bank at the global level.
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About the Author
Nicholas Mikhael is the founder of Financial Intelligence and Pristine Pools. He is an undergraduate finance student at the University of New Hampshire and in his spare time, he enjoys lifting weights, running, and reading.