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The logo of Swiss bank Credit Suisse is seen the day after its shares dropped approximately 30%, on March 16, 2023 at its Oerlikon office building in Zurich, Switzerland. Credit Suisse has reportedly asked the Swiss government for support following the refusal of a Saudi backer to provide any more money. The sharp drop in share price sent shares of other major European banks down. The disruption is coming on the heels of the failure of Silicon Valley Bank in the USA. (Photo by Arnd Wiegmann/Getty Images)
Arnd Wiegmann | Getty Images
UBS has offered to buy Credit Suisse for up to $1 billion, with the Swiss government planning to change the country’s laws to bypass a shareholder vote on the transaction, the Financial Times reported on Sunday.
The proposed all-share deal between Switzerland’s two biggest banks is set to be signed as soon as Sunday evening, the report said, adding that the deal will be priced at a fraction of Credit Suisse’s closing price on Friday.
This is breaking news. Please check back for updates.
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