The giant UBS has agreed to buy Credit Suisse, a smaller rival, Swiss authorities announced.
UBS will buy Credit Suisse for more than $3 billion, Credit Suisse said.
The banking giant UBS agreed to buy Credit Suisse. The deal comes amid the major financial institutions continue to clash with the repercussions from the sudden fall down of Silicon Valley Bank earlier this month.
The deal came with support by the Swiss Federal government.
The Swiss National Bank said in a statement. ” The solution has been found to ensure financial stability and preserve the Swiss economy in this situation.”The purchase is expected to be completed by the end of 2023.
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