UBS shares reverse losses, Credit Suisse craters 55% after takeover deal
Publishing timestamp: 2023-03-20 14:45:47
Summary
UBS has agreed to buy Credit Suisse in an "emergency rescue" deal to stem the risk of contagion to the global banking system. Swiss authorities and regulators helped to facilitate the deal as Credit Suisse teetered on the brink. The size of Credit Suisse was a concern for the banking system, as was its global footprint given its multiple international subsidiaries. The combined bank will be a massive lender, with more than $5 trillion in total invested assets. However, concerns remain about the viability of Credit Suisse's assets, which could set off renewed jitters about the health of banks.
Sentiment: MIXED
Tickers: 0R3T-GB, CSG.N-CH, BARC-GB, UBSG-CH, DBK-FF,
Keywords: credit suisse group ag, ubs group ag, colm kelleher, societe generale sa, economic events, markets, deutsche bank ag, barclays plc, breaking news: markets, switzerland, investment strategy, economy, wall street, banks, central banking, business news, mergers and acquisitions, breaking news: europe,
Source: https://www.cnbc.com/2023/03/20/ubs-shares-tumble-after-emergency-rescue-of-rival-credit-suisse.html