7/25/2023 0 Comments Regions bank account login![]() The combination also ends Credit Suisse’s 167-year history, dealing a blow to Switzerland’s reputation as a stable global financial center and leaving staff at both firms facing huge uncertainty. “It’s the start of a new chapter - for UBS and the global financial industry,” UBS CEO Sergio Ermotti and the lender’s chairman Colm Kelleher said in an open letter published in the Financial Times and shared with CNN.įully integrating two global banks is expected to take more than three years and poses huge risks to UBS, even as the deal has boosted the bank’s assets under management to $5 trillion overnight. (CS) - one of the world’s 30 most important banks - to fail would probably have triggered an international financial crisis. ![]() The government has said that allowing Credit Suisse (CS) for the bargain price of 3 billion Swiss francs ($3.25 billion) in a rescue orchestrated by Swiss authorities to avert a banking sector meltdown. (UBS) agreed on March 19 to buy Credit Suisse “FINMA welcomes UBS’s strategic focus, which foresees a rapid reduction of risk in investment banking.” ![]() The legal closure of the acquisition “brings clarity and stability for the two banks,” Switzerland’s financial regulator FINMA said in a statement Monday. UBS has finalized its emergency takeover of fallen rival Credit Suisse, creating a giant Swiss bank with nearly $1.7 trillion in assets in the biggest banking tie-up since the 2008 global financial crisis.
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