UBS reportedly in deal to buy Credit Suisse for over $2 billion

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Troubled Swiss banking giant Credit Suisse has reportedly agreed to be bought by its arch-rival UBS at a discount to Friday’s closing price after it noticed customer deposits were flowing out of the bank.

ubs ubs,
buy credit suisse cs
for more than $2 billion in an all-stock deal, Financial Times reported, citing people with direct knowledge of the transaction. Bloomberg News reported similar deal terms.

UBS is offering the stock for 0.50 francs per share, compared to Credit Suisse’s CSGN.
Friday’s closing price of 1.86 francs. The FT said UBS initially made a bid of just 0.25 francs per share.

Separately, The Wall Street Journal reported that the Swiss National Bank offered UBS about $100 billion in liquidity to absorb Credit Suisse. It comes after the SNB last week agreed to loan 50 billion francs to Credit Suisse.

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