{"id":1900978,"date":"2023-03-19T13:56:41","date_gmt":"2023-03-19T17:56:41","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/credit-suisse-to-be-bought-by-ubs-for-about-2-billion\/"},"modified":"2023-03-19T14:01:37","modified_gmt":"2023-03-19T18:01:37","slug":"credit-suisse-to-be-bought-by-ubs-for-about-2-billion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/credit-suisse-to-be-bought-by-ubs-for-about-2-billion\/","title":{"rendered":"Credit Suisse to be bought by UBS for about $2 billion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcredit-suisse-to-be-bought-by-ubs-for-about-2-billion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1900978&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"col-12 col-md-7 col-lg-8 col-xl-9 float-left body colgap-l-50\" itemprop=\"mainEntityOfPage\">\n<div class=\"ArticlePage-articleBodyWrapper\">\n<div class=\"ArticlePage-articleBody\" itemprop=\"articleBody\">\n<div class=\"RichTextArticleBody\">\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">              <script type=\"text\/javascript\" src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>               <\/p>\n<div class=\"brid\" id=\"Brid_79239099\" style=\"width:16;height:9;\">               <\/div>\n<p>               <script type=\"text\/javascript\"> $bp(\"Brid_79239099\", {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1264812\"}); <\/script>              <\/div>\n<\/p><\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">U<\/span>BS has agreed to buy Credit Suisse for over <b>$2 billion<\/b> following record-low shares and concerns about the resilience of financial institutions, caused by the collapse of Silicon Valley Bank.<\/p>\n<p>According to three individuals close to the deal who spoke with the <i>New York Times<\/i> on Sunday, this amount is higher than the initial reported figure of $1 billion. Despite a nearly $54 billion bailout from the Swiss National Bank, Credit Suisse was unable to survive as the bank had been grappling with years of scandals and instability.<\/p>\n<p><b>Credit Suisse Shares Drop to Record Lows for Second Consecutive Day<\/b><\/p>\n<p>Following a two-day, record-low decline in shares, Credit Suisse&#8217;s shares rose by as much as 33% before settling at a 25% decline on March 16.<\/p>\n<p>Under the proposed agreement, UBS will pay only a fraction of the $9.5 billion value estimated for Credit Suisse on Friday. According to the <i>Financial Times<\/i>, the deal is expected to be signed by Sunday night. <\/p>\n<p>The Swiss government is expected to modify the country&#8217;s laws to expedite the transaction, such as abolishing the six-week consultation period with shareholders before approving a deal, which will enable the financial institutions to bypass the need for a shareholder vote on the acquisition.<\/p>\n<p>Although Credit Suisse&#8217;s collapse is not directly linked to the Silicon Valley Bank&#8217;s failure, the banking failure across the Atlantic intensified the drop in the Swiss bank&#8217;s stocks due to investor fears.<\/p>\n<p><b>Click here to read more from the Washington Examiner.<\/b><\/p>\n<p>Over a week ago, the California-based bank suffered a negative cash balance of nearly a billion dollars, leading regulators to shut it down on March 9. The Federal Reserve, Justice Department, and Securities and Exchange Commission are investigating and examining the bank&#8217;s failure. <\/p>\n<p>Last Thursday, Treasury Secretary Janet Yellen testified before the Senate Finance Committee, reassuring Congress that the U.S. banking system &#8220;remains sound,&#8221; despite a week of financial turmoil.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><\/p>\n<hr>\n<p>&#8220;Read More From <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/svb-collapse-ubs-deal-purchase-credit-suisse\">Credit Suisse to be bought by UBS for about $2 billion<\/a>&#8220;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>UBS has agreed to buy out Credit Suisse for more than $2 billion in the aftermath of record-low shares and spiraling fear over the strength of financial institutions from the collapse of Silicon Valley Bank. This is an increase from the initially-reported deal of $1 billion that three people close to the bargain told the<\/p>\n","protected":false},"author":1,"featured_media":1900979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[10627,6178,18299,22089],"class_list":["post-1900978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-bought","tag-credit","tag-suisse","tag-ubs"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1900978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1900978"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1900978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1900979"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1900978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1900978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1900978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}