Shotgun merger to rescue troubled Credit Suisse
about 1 year in Otago Daily Times
Federal Councillor and chief of the finance federal department Karin Keller-Sutter, Swiss Federal Council (Bundesrat) President and chief of the interior federal department, Alain Berset and Chairman of the Swiss National Bank Thomas Jordan attend a news conference on Credit Suisse after UBS takeover offer. Photo: Reuters
UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($US3.23 billion) and has agreed to assume up to $US5.4 billion in losses, in a shotgun merger engineered by Swiss authorities to avoid further market-shaking turmoil in global banking.
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