UBS and Swiss Government Secure Credit Suisse Takeover with $10 Billion Loss Guarantee Deal
TL;DR Summary
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.
- UBS and Swiss government sign Credit Suisse loss-sharing deal, clearing way for takeover to close CNN
- UBS and the Swiss government sign loss protection agreement over Credit Suisse takeover CNBC
- UBS, Swiss Government Seal $10 Billion Loss Guarantee Deal Bloomberg
- UBS Chief Ermotti Sees 'Bumpy' Months Ahead as Deal Close Nears AdvisorHub
- UBS, government sign Credit Suisse loss-sharing deal clearing way for deal to close Reuters
Reading Insights
Total Reads
0
Unique Readers
0
Time Saved
3 min
vs 4 min read
Condensed
87%
628 → 79 words
Want the full story? Read the original article
Read on CNN