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UBS and Swiss Government Secure Credit Suisse Takeover with $10 Billion Loss Guarantee Deal

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Source: CNN
UBS and Swiss Government Secure Credit Suisse Takeover with $10 Billion Loss Guarantee Deal
Photo: CNN
TL;DR

UBS and the Swiss government have agreed on how they will share losses linked to the bank’s emergency takeover of Credit Suisse, which will create a giant Swiss bank. The Swiss government will guarantee up to 9 billion Swiss francs ($9.98 billion) of losses that UBS may incur from the sale of its rival’s assets beyond 5 billion francs, which the lender is due to cover itself. The agreement clears the way for the takeover to close within days.

Topics:businessfinance#credit-suisse#finance#loss-sharing-deal#swiss-government#takeover#ubs
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  1. UBS and Swiss government sign Credit Suisse loss-sharing deal, clearing way for takeover to close  CNN
  2. UBS and the Swiss government sign loss protection agreement over Credit Suisse takeover  CNBC
  3. UBS, Swiss Government Seal $10 Billion Loss Guarantee Deal  Bloomberg
  4. UBS Chief Ermotti Sees 'Bumpy' Months Ahead as Deal Close Nears  AdvisorHub
  5. UBS, government sign Credit Suisse loss-sharing deal clearing way for deal to close  Reuters

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