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World News March 20, 2023

UBS agrees to buy Credit Suisse for more than $2 billion: FT

UBS has reportedly agreed to acquire Credit Suisse for over $2 billion, as authorities aim to prevent further turmoil in the markets. Credit Suisse, one of the world’s largest wealth managers and a systemically important bank, has faced significant challenges recently, including the second- and third-largest bank failures in US history. The Swiss government is expected to hold an important press conference later on Sunday, although no further details have been provided. Last week, Credit Suisse shares fell by 25% as the bank had to seek $54 billion in central bank funding to recover from various scandals, which have eroded investor and client confidence.

Sources: CGTN

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