Since the collapse of Credit Suisse, many have been interested in purchasing the bank, including UBS Group. It seems like UBS Group doubled its initial offer from $1 billion to $2 billion on March 19.
According to data from Companies Market Cap, the bank’s market value on March 17 was close to $8 billion, making the $1 billion offer a significant discount.
Swiss officials agreed to change national legislation to remove a shareholder vote and announce the purchase over the weekend rather than at the opening of the trade to complete the deal.
Also, the Swiss National Bank (SNB) agreed to provide UBS with a liquidity line of more than $100 billion as part of the agreement. According to the Financial Times, the Swiss Financial Market Supervisory Authority and the SNB significantly impacted the deal.
UBS is taking over Credit Suisse pic.twitter.com/XF8LEZFXlx
— David Gura (@davidgura) March 19, 2023
