{"id":46880,"date":"2023-03-19T16:24:39","date_gmt":"2023-03-19T20:24:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=46880"},"modified":"2023-03-20T06:39:27","modified_gmt":"2023-03-20T10:39:27","slug":"ubs-group-ag-offers-to-rescue-credit-suisse","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ubs-group-ag-offers-to-rescue-credit-suisse\/","title":{"rendered":"UBS Group AG Offers To Rescue Credit Suisse"},"content":{"rendered":"\n

UBS Group AG, a cryptocurrency-friendly bank<\/a>, is apparently trying to buy Credit Suisse, a major investment bank, for up to $1 billion.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The UBS offer follows BlackRock's March 19 rejection of claims to a plan to save Credit Suisse. The price offered by UBS is SFr0.25, which is much less than the SFr1.86 closing price on March 17th.<\/p>\n\n\n\n

\n

\ud83d\ude2c\ud83d\udcc9The offer was communicated on Sunday morning with a price of SFr0.25 a share to be paid in UBS stock, far below Credit Suisse\u2019s closing price of SFr1.86 on Friday, the people said.

UBS has also insisted on a material adverse change that voids the deal if its credit default\u2026 https:\/\/t.co\/YveX2FwGrg\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>— PiQ (@PiQSuite) March 19, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

As they race to complete the acquisition before Monday, Swiss authorities are also attempting to amend their nation's laws to get around the UBS shareholder vote on the transaction. <\/p>\n\n\n\n

As soon as March 19, the two major banks might sign the agreement. Yet, as four informed parties noted, it will annihilate the target's stockholders.<\/p>\n\n\n\n

Furthermore, USB argued that the contract would be void if the credit default spreads increased by 100 basis points or higher. Furthermore, the situation is fluid, so similar terms or a finalized agreement are not assured.<\/p>\n\n\n\n

Some people disagreed with the announcement, claiming it was an unfair arrangement for Credit Suisse and the stockholders. Others criticized the intentions to avoid a UBS shareholder vote in order to bypass conventional corporate governance regulations.<\/p>\n\n\n\n

There hasn't been any communication between the two lenders up to this point. Hence, the Swiss National Bank and regulator Finma <\/use><\/svg><\/span><\/a>have significantly modified the terms. <\/p>\n\n\n\n

The agreement has received approval from the US Federal Reserve<\/a> (Fed).According to two sources, UBS would drastically cut the size of the investment bank such that the combined organization would account for more than one-third of the combined firm. <\/p>\n\n\n\n

Yet, the discussion of Credit Suisse's business divisions is still unclear and only refers to a 100% takeover of the company. Even while the sale is worth $1 billion, that sum does not include the additional arrangements made by the Swiss National Bank to ensure that it goes through in order to save Credit Suisse.<\/p>\n","protected":false},"excerpt":{"rendered":"

UBS Group AG, a cryptocurrency-friendly bank, is apparently trying to buy Credit Suisse, a major investment bank, for up to $1 billion. The UBS offer follows BlackRock’s March 19 rejection of claims to a plan to save Credit Suisse. The price offered by UBS is SFr0.25, which is much less than the SFr1.86 closing price […]<\/p>\n","protected":false},"author":43,"featured_media":46882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[13669,13820,13819],"class_list":["post-46880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-bank","tag-suisse","tag-ubs-group-ag"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/03\/croc_1679253006637.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=46880"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46880\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/46882"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=46880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=46880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=46880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}