UBS buys Credit Suisse in all-share transaction

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(Bloomberg) — UBS Group AG agreed to buy Group AG in a government-brokered deal aimed at controlling a crisis of confidence that is threatening to ripple through global financial markets.

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Under the terms of the all-share transaction, shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to CHF0.76/share, UBS said in a statement on Sunday. The deal will create a global wealth manager with $5 trillion of invested assets across the group.

Both banks have unrestricted access to existing facilities of the Swiss National Bank through which they can obtain liquidity from the SNB in ​​accordance with the Guidelines on Monetary Policy Instruments.

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