UBS GROUP AGREED to buy Credit Suisse Group in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets. The Swiss bank is paying 3 billion francs ($3.2 billion) for its rival in an all-share deal that includes extensive government guarantees and liquidity provisions. The price per share marked a 99% decline from Credit Suisse's peak in 2007.
The Swiss National Bank is offering a 100 billion-franc liquidity assistance to UBS while the government is granting a 9 billion-franc guarantee for potential losses from assets UBS is taking over. Regulator Finma said about 16 billion francs of Credit Suisse bonds, known as AT1s, will become worthless to ensure private investors help shoulder the costs.
UBS slumped 8.8% in early Zurich trading, while Credit Suisse declined about 64%, valuing the firm at about 2.71 billion francs.
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