UBS agreed on Sunday to buy troubled competitor Credit Suisse for just over 3 billion euros.NurPhoto/Getty Images On Sunday, UBS agreed to take over rival bank Credit Suisse for just over EUR 3 billion. The Swiss government forced the takeover to allay fears of a global banking crisis. Here are the key winners and losers…
There’s deep sadness among local Credit Suisse bankers that a solid business with real momentum has been stopped in its tracks by events 16,500 kilometres away.
UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender.