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Credit Suisse and UBS shares plunge
Updated On: 21 March, 2023 07:26 AM IST | Geneva | Agencies
UBS shares were down 14pc in early trading on the Swiss stock exchange.
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UBS Chairman Colm Kelleher (right) with Credit Suisse Chairman Axel Lehmann. Pic/AFP
Shares of Credit Suisse plunged 63% in early trading Monday after the announcement that banking giant UBS would buy its troubled rival for almost $3.25 billion in a deal orchestrated by regulators to stave off further market-shaking turmoil in the global banking system. UBS shares were down 14% in early trading on the Swiss stock exchange.
Swiss authorities urged UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank’s customers. Shares of Credit Suisse and other banks plunged after the failure of two banks in the U.S. raised questions about other potentially shaky global financial institutions. Credit Suisse is among 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail.
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