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Loss Sharing Deal

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finance2 years ago•3 min saved

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

UBS and the Swiss government have agreed on how they will share losses linked to the bank's emergency takeover of Credit Suisse, clearing the way for the deal to close within days. Under the deal, the government will guarantee up to CHF 9bn ($9.98bn) of losses UBS may incur from the sale of its rival's assets beyond CHF 5bn the lender is due to cover itself. The loss protection agreement will become effective with the completion of the Credit Suisse takeover, expected as early as June 12.

via Reuters|

#credit-suisse #finance #loss-sharing-deal

finance2 years ago•3 min saved

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

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.

via CNN|

#credit-suisse #finance #loss-sharing-deal

finance2 years ago•1 min saved

New York Community Bancorp in pursuit of Signature Bank acquisition.

New York Community Bancorp is reportedly pursuing an acquisition of Signature Bank, which was taken over by New York state's Department of Financial Services last Sunday. The Federal Deposit Insurance Corp. may announce a deal for Signature Bank as soon as this week, but talks could fail to materialize a deal. The FDIC is open to discussing loss-sharing deals with failed lenders, including Silicon Valley Bank and Signature Bank.

via Seeking Alpha|

#acquisition #fdic #finance