Under the mediation of the Swiss government, UBS agreed to acquire rival Credit Suisse for 3 billion Swiss francs and agreed to bear losses of up to $5.4 billion.
UBS said that the 22.48 shares held by its shareholders would be exchanged for one UBS share, equivalent to 0.76 Swiss francs per share, for a total consideration of 3 billion Swiss francs. The transaction is expected to be completed by the end of 2023, with annual cost savings of approximately $7 billion by 2027. This transaction will create a global wealth management company with an investment asset size of $5 trillion for the entire group.
The Swiss federal government said that in the face of the current difficult situation, UBS Group's acquisition of Credit Suisse is the best solution to restore the confidence recently lacking in the financial market, as well as the best solution to manage the risks faced by Switzerland and its citizens.
Credit Suisse was founded in 1856 and has significant influence in global capital markets. In February this year, Credit Suisse announced a net loss of CHF 7.3 billion in 2022, the second consecutive year of net loss. On March 14th, Credit Suisse issued a report stating that there were "significant defects" in the bank's internal control over financial reporting.
In response to the global banking crisis, the six major central banks in the world have just announced their cooperation. The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank today announced a coordinated action to strengthen the liquidity supply through a permanent dollar liquidity swap line arrangement.
In order to improve the effectiveness of swap lines in providing US dollar funds, the central banks that currently provide US dollar operations have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will begin on Monday, March 20, 2023, and will continue at least until the end of April.
The swap line network between these central banks is a set of available standing facilities that can serve as an important liquidity support to alleviate pressure in the global financing market, thereby helping to mitigate the impact of such pressure on the credit supply of households and businesses.
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