Credit Suisse

Swiss authorities expected to change country's law to bypass UBS shareholder vote.

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Takeover deal by rival Swiss bank could be signed as soon as Sunday.

Swiss president Alain Berset said it wasn't possible to restore confidence in Credit Suisse and called a takeover by UBS the "best solution". [the collapse of Silicon Valley Bank in the US](https://www.telegraph.co.uk/business/2023/03/13/why-silicon-valley-bank-collapse-bailout/). [a collapse in confidence in the lender last week](https://www.telegraph.co.uk/business/2023/03/19/how-swiss-banking-went-rolls-royce-toxic-mess/).

The deal, backed by the Swiss government, follows weekend talks aimed at preventing its collapse.

The acid test as to whether this Swiss rescue has calmed nerves in the financial world will be when financial markets open on Monday - which is why it was so important to get this done on Sunday night. Credit Suisse has become the latest and most important casualty of a crisis of confidence that has already seen the failure of two mid-sized US banks and an emergency industry whip-round for another. That has spooked investors and seen the share prices of all banks fall with those considered weakest hit hardest. The Bank of England said it welcomed the "comprehensive set of actions" set out by the Swiss authorities. The Bank of England said it welcomed the "comprehensive set of actions". The Swiss National Bank said the deal was the best way to restore the confidence of financial markets and to manage risks to the economy.

UBS will buy rival Credit Suisse for more than $2 billion in a deal brokered by Swiss officials to try and prevent a banking crisis.

In the last two years alone, the bank's stock has fallen by more than 80%. Panicked investors and jittery depositors pulled billions out of the long-troubled Credit Suisse in recent days, leading to worries the bank could become insolvent if emergency measures were not taken. Under the deal, UBS Group AG will buy Credit Suisse for more than $3 billion in an all stock deal.

Regulators engineer takeover of stricken bank by larger Swiss competitor after frantic weekend.

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Creates leading global wealth manager with USD 5 trillion of invested assets across the Group · Extends UBS lead in Swiss home market · UBS strategy unchanged, ...

Under the terms of the all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to CHF 0.76/share for a total consideration of CHF 3 billion. The combined businesses will be a leading asset manager in Europe, with invested assets of more than USD 1.5 trillion. UBS Chief Executive Officer Ralph Hamers said: “Bringing UBS and Credit Suisse together will build on UBS’s strengths and further enhance our ability to serve our clients globally and deepen our best-in-class capabilities. It will further strengthen UBS’s position as the leading Swiss-based global wealth manager with more than USD 3.4 trillion in invested assets on a combined basis, operating in the most attractive growth markets. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure. The combination is expected to create a business with more than USD 5 trillion in total invested assets and sustainable value opportunities.

Central banks around the world hail £2.7bn merger which saw Swiss government bend rules of the game.

Despite still high inflation, the banking turmoil has forced traders to rapidly alter [expectations for further rates hikes](https://www.independent.co.uk/independentpremium/business/interest-rates-banking-crisis-b2302230.html) as higher interest rates can cause a fall in demands for new loans, damaging banks’ profits. It caters to the rich and wealthy through its wealth management business and is a major adviser for global companies in mergers and acquisitions. It was unclear what the buyout would mean for the bank’s global workforce, though sources earlier in the weekend told Reuters that UBS may be forced to cut 10,000 jobs. The stock has seen a long downward slide, having traded at more than 80 francs in 2007. The merger was welcomed internationally, with the US Federal Reserve and Treasury saying Switzerland had moved to “support financial stability”. Its troubles are expected by industry experts to have a knock-on effect for world banking. Swiss Finance Minister Karin Keller-Sutter said the collapse of Credit Suisse “would have had huge collateral damage” internationally. [inaccuracies in its financial reporting](https://www.independent.co.uk/business/us-investors-sue-credit-suisse-for-downplaying-impact-of-losses-b2302906.html) as of the end of last year. [government loan](https://www.independent.co.uk/news/business/credit-suisse-ubs-bailout-banks-latest-b2304015.html) was agreed to reassure markets and depositors, but it failed to stop a rush of withdrawals by account holders, prompting the Swiss government to seek a merger. “I was in contact with my colleagues from the UK and USA,” she said. [UBS](/topic/ubs) will buy its ailing rival [Credit Suisse](/topic/credit-suisse) in a snap deal brokered by Swiss authorities to avoid further chaos in markets after a series of [high-profile financial failures](https://www.independent.co.uk/news/business/credit-suisse-ubs-bailout-banks-latest-b2304015.html). [biggest banking failures since the 2008 financial crash](https://www.independent.co.uk/independentpremium/business/credit-suisse-crisis-ecb-2008-b2302173.html), and with one of the world’s leading investment banks circling the drain, officials were prepared to bypass regulations such as shareholder approval in order to force a deal through.

FRANKFURT — Swiss banking giant UBS will buy the country's second-largest bank Credit Suisse in a deal that will come as a relief to financial markets in ...

It has thus found itself in the eye of the storm when the collapse of Silicon Valley Bank sparked fears of a banking crisis. The expeditious rescue of Credit Suisse was welcomed by the European Central Bank as well as the “With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss National Bank said in a separate The central bank added that UBS and Credit Suisse can obtain a liquidity assistance loan of up to 100 billion francs. FRANKFURT — Swiss banking giant UBS will buy the country’s second-largest bank Credit Suisse in a deal that will come as a relief to financial markets in Europe and across the world. The deal was pushed through in an effort to avoid further turmoil in global banking following the failure of Silicon Valley Bank and another regional lender in the U.S.

We welcome the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability. We have been engaging closely ...

News // Statement News // Market notice We welcome the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability.

Additional Tier 1 bonds are a creature of the post-financial crisis regulatory architecture for Europe. In addition to carrying far more plain equity, big banks ...

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So farewell to Credit Suisse. Founded in 1856, the bank has been a pillar of the Swiss financial sector ever since. Although buffeted by the financial ...

In the coming days, there will be some tough questions to answer. There will also be job losses, perhaps in the thousands. In theory, it had the capital to prevent this week's catastrophe. Founded in 1856, the bank has been a pillar of the Swiss financial sector ever since. That lack of attention is going to be very costly. After the financial crisis 15 years ago Switzerland introduced strict so-called "too big to fail" laws for its biggest banks.

The writer is managing partner and head of research at Axiom Alternative Investments. Bank investors are well aware of the risks; they know that banking ...

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UBS Group emerged as Switzerland's one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss ...

UBS also gets to keep the jewel in Credit Suisse’s crown, the domestic bank. Credit Suisse had a market value of about $8 billion at the close on Friday. Late last year, speculation that the bank would go bust drove clients to pull tens of billions, sealing its fate. If UBS is not required to do an IPO of it, it could make sense for them to keep it, there are lots of synergies." It will change the landscape of banking in Switzerland, where branches of Credit Suisse and UBS are dotted everywhere, sometimes just metres apart. UBS is also taking out a big competitor in securities trading. UBS earned $7.6 billion in profit in 2022, while Credit Suisse lost $7.9 billion. The failure of two U.S. The two lenders have been pillars of global finance for decades. Switzerland is pledging more than 160 billion francs ($173 billion) in loans and guarantees to underpin the new group, guarding against further risks undermining the lender. Following the 2008 financial crash, politicians pledged to never bail out banks again. "Under normal circumstances, I would say it is an absolutely fantastic deal for UBS," said Johann Scholtz, equity analyst at Morningstar, covering European Banks, Amsterdam.

MAS' statement on Credit Suisse's operations in Singapore after the announced takeover by UBS Group AG.

Asian financial authorities say Swiss lender's takeover not likely to affect stability of local banks.

China’s blue-chip CSI300 and Shanghai Composite Index made gains, as new monetary-easing measures by Beijing helped to offset the concerns about global banking. “The exposures of the local banking sector to Credit Suisse are insignificant,” HKMA said in a statement. “The Hong Kong banking sector is resilient with strong capital and liquidity positions.

Stock markets have been jittery amid worries that isolated failures could widen to affect the global banking system, reviving bad memories of the financial ...

The Swiss bank, widely regarded as “too big to fail” by experts, primarily serves wealthy clients and businesses rather than everyday savers. In the past three years, Credit Suisse has been caught up in corporate espionage after hiring professional spies to track outgoing executives and admitting to defrauding investors as part of the Mozambique “tuna bonds” loan scandal. It was not immediately clear last week whether client withdrawals had gathered pace as a result of its plunging share price. It was also embroiled in the collapse of the lender Greensill Capital and the US hedge fund Archegos Capital in 2021. “That was what spooked the markets as a whole because they didn’t stand behind it. The Bank of England is said to have been in talks with its global counterparts over the crisis and was reportedly in touch with both Credit Suisse and the Swiss National Bank after the bank first sought a £45bn emergency loan last week.

François Villeroy de Galhau said French banks 'a strong grip on risk' © Bloomberg. France's central bank governor has insisted the health of the French ...

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UBS is set to take over its troubled Swiss rival Credit Suisse for $3.25 billion following weekend crunch talks aimed at preventing a wider international ...

That saw the SNB step in overnight with a $54-billion lifeline. In 2022, the bank suffered a net loss of $7.9 billion and expects a “substantial” pre-tax loss this year. The Swiss Bank Employees Association said there was “a great deal at stake” for the 17,000 Credit Suisse staff, plus tens of thousands of jobs outside of the banking industry potentially at risk. With the “risk of contagion” for other banks, including UBS itself, the takeover has “laid the foundation for greater stability both in Switzerland and internationally”, she said. Credit Suisse said in a statement that UBS would take it over for “a merger consideration of three billion Swiss francs ($3.25 billion, €3.04 billion)”. The wealthy Alpine nation is famed for its banking prominence and Berset said the takeover was the “best solution for restoring the confidence that has been lacking in the financial markets recently”.

It is hoped that securing Credit Suisse will avert the contagion of the kind seen in the financial crisis of 2008, when banks including Bear Sterns and Lehman ...

This was always a deal that the Swiss government had resisted. The only alternative to this deal happening was going to be when financial markets opened on Monday in Asia and then in Europe, some form of nationalisation or resolution of Credit Suisse which would have deepened the sense of crisis in the industry. But let's be clear - all the parties involved in this deal have effectively been strong-armed into it by the crisis of confidence which has erupted at Credit Suisse, and which has been fomenting for some time. In a statement, the Swiss central bank and other officials said that the agreement represented "a solution...to secure financial stability and protect the Swiss economy in this exceptional situation". The credit line was agreed in a move aimed at reassuring markets and depositors, but it failed to stem a rush of customer withdrawal, prompting a request from the Swiss government for the rival UBS to consider a takeover. The Swiss central bank will supply substantial liquidity to the merged bank in a deal that it says is aimed at securing financial stability.

We'll send you a myFT Daily Digest email rounding up the latest Credit Suisse Group AG news every morning. Banking is a massive, complicated and delicate ...

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The world's leading central banks are taking ...

“The capital and liquidity positions of the U.S. The phrase too big to fail really does spring to mind here, and this morning’s weakness in Asia markets serves to reinforce concerns about these types of writedowns and any spillover effects on the rest of the banking sector. The many scandals at Credit Suisse in recent years have tainted Switzerland’s financial sector. So we have contained the risks in the markets. Credit Suisse is a 167 year old institution that has been instrumental to the growth of the Swiss economy. Some $17bn of risky bonds issued by Credit Suisse are being wiped out as part of the deal. There is also a risk of spillover effect on global credit (although we note that senior secured bonds seem quite resilient including CS senior secured bonds which are jumping in price this morning). They pushed down US government bond prices, which was the cause of the losses at Silicon Valley Bank which failed earlier this month. These are ‘contingent convertible’ bonds that are riskier than other debt instruments and designed to get wiped out in a crisis – or converted to equity. Typically, AT1 bonds is meant to be above equity in the debt heirachy. In particular, common equity instruments are the first ones to absorb losses, and only after their full use would Additional Tier One be required to be written down. The deal hammered out yesterday sees UBS pay almost $3.25bn (£2.65bn) for Credit Suisse, or 0.76 Swiss francs per share in its own stock.

Also in today's newsletter, most of Signature Bank to be acquired by Flagstar owner.

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Investment bank, back office and technology jobs are set to be axed in London after UBS swallowed up Credit Suisse.

This includes daily access to a lending facility for banks looking to borrow US dollars if they need them, a practice which widely used during the 2008 financial crisis. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (£44.3 billion) failed to reassure investors and the bank’s customers. Credit Suisse shares slid by almost 62 per cent in Swiss premarket trading to around 0.61 Swiss francs (£0.54), while the value of its additional tier 1 (AT1) bonds - a type of contingent convertible bonds that is considered to be the riskiest type of debt banks can use - dropped as low as one per cent cent on the dollar after the bank said 16 billion Swiss francs worth of the debt will be written down to zero. “The whole banking system is much less interconnected and bound up together than it was back in those days and we are not at the end as we were in 2008 of a prolonged property related boom and increase in property related debt. “This is a takeover of a challenged institution with particular idiosyncratic problems that relate to it specifically, not reflective of broader issues in the banking market. [UBS](/topic/ubs) in the UK, also raised the prospect that there is [more to emerge of the risks](https://www.standard.co.uk/business/ftse-100-live-20-march-ubs-agrees-to-buy-credit-suisse-bank-of-england-liquidity-action-banking-stocks-shares-pound-dollar-b1068441.html) surrounding [Credit Suisse](/topic/credit-suisse) than currently publicly known.

The Credit Suisse deal was announced on Sunday evening, as UBS agreed to pay around £2.7 billion for its former rival.

But the rescue deal with UBS is not expected to calm markets much. “Having come off the worst week for European equity markets this year, volatility looks set to continue this week now that the fate of Credit Suisse appears to have finally been sealed,” Mr Hewson said. Having come off the worst week for European equity markets this year, volatility looks set to continue this week now that the fate of Credit Suisse appears to have finally been sealed

Swiss regulators brokered rescue by UBS in bid to stop crisis from spreading across global financial system.

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The troubled Swiss bank was bought by its rival UBS in a government-backed deal after urgent weekend talks.

This in turn has impacted investor confidence, and bank share prices. Swiss regulators had hoped the move would calm nerves. In the UK, that means £85,000 per person, per institution is protected (or £170,000 in a joint account). He answered: "To be honest, I don't think it reminds me of 2008." Banks are now required to be in a stronger position to withstand a shock. Shares in the bank at the heart of the story - Credit Suisse - slumped significantly, by more than 60% But Lord Turner, who headed up the UK's financial watchdog at that time, told The Sunday Times he doesn't think we will see another banking crisis. Credit Suisse - Switzerland's second biggest lender - is the latest casualty of the turmoil, being bought by its Swiss rival in a deal pushed by Swiss regulators to restore confidence. Savings security is not affected simply when a bank's share price falls. Sunday's takeover of Credit Suisse "should bring a great degree of confidence back to the banking market more generally," says Mark Yallop, the former head of UBS in the UK. The takeover of Credit Suisse by UBS creates a big risk for the country, says the leader of the Social Democrats - the second-biggest party in parliament. Things are even more secure for savers than they used to be.

Falling prices in Asia and Europe drag down FTSE by 1.5% as UBS plunges 12%

“Focus is shifting to the implications of high-risk bond holders in banks, after holders of more risky Credit Suisse debt saw their investment wiped out. “In particular, common equity instruments are the first ones to absorb losses, and only after their full use would Additional Tier One [AT1] be required to be written down. Bank of East Asia fell 3.5%. [HSBC](https://www.theguardian.com/business/hsbcholdings) and Standard Chartered tumbled in the Asian stock market as details of UBS’s $3.2bn (£2.65bn) “emergency takeover” of Credit Suisse rattled global investors. [Banking](https://www.theguardian.com/business/banking) Authority and ECB Banking Supervision said they welcome the “comprehensive set of actions taken yesterday by the Swiss authorities”. [Credit Suisse](https://www.theguardian.com/business/creditsuisse) deal hasn’t changed their position on the hierarchy of debt when a bank fails.

We'll send you a myFT Daily Digest email rounding up the latest UBS Group AG news every morning. UBS shares tumbled more than 10 per cent in early trading ...

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As early investor optimism about efforts to stem a banking crisis quickly evaporated, shares of Credit Suisse, UBS fell.

In a separate memo, the bank said that, as part of the takeover, if job cuts proved necessary it would be communicated to staff as per guidelines. The European Central Bank vowed to support eurozone banks with loans if needed, adding the Swiss rescue of Credit Suisse was “instrumental” in restoring calm. Credit Suisse shares slumped 62 percent in premarket trade to a new low while UBS lost 7.1 percent. “I would like to make it clear that while we did not initiate discussions, we believe that this transaction is financially attractive for UBS shareholders,” Kelleher said. “I know that there must be still questions that we have not been able to answer,” he said. The MSCI index for financial stocks in Asia ex-Japan was down 1.3 percent.

Charles-Henry Monchau, chief investment officer at Syz Bank, says: “AT1 bonds were introduced in Europe after the global financial crisis to serve as shock ...

John Cronin, a banking analyst at Goodbody, says: “Finma’s decision to effect a permanent writedown of the AT1 securities… Shareholders should get zero [because] it’s crystal clear that AT1s are senior to stocks.” Typically, AT1 bondholders rank above shareholders in the creditor pecking order. Concerns centre around the hierarchy of investor claims. Because the bonds carry the risk that investors can be entirely wiped out, they are inherently riskier to hold and, as a result, offer higher returns than safer bonds. Bond investors are furious.

Swiss bank had SFr360mn of contingent capital awards outstanding at the end of 2022.

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How Credit Suisse emerged from the financial crisis - via a private sector solution compared to UBS's taxpayer bailout - may have created a sense of hubris ...

However, those guarantees only kick in after UBS has borne some CHF5bn (£4.41bn) of losses itself. But the deal to combine the two is like merging Coca-Cola and Pepsi. UBS is getting a gigantic banking business for just a fraction of its book value - which stood at CHF41.8bn as of the end of last year - and, more to the point, will boost its market share in key areas. "The combined Swiss bank's nearest private wealth rivals Morgan Stanley (with 2022 global assets under management of $1.7 trillion) and Bank of America (with 2022 global assets under management of $1.4trn) would only equal 78% of its private wealth assets under management taken together." Because yes, while UBS is taking on a great deal of risk and will see its profits diluted in the short term, it is ultimately going to emerge with a much more powerful position in key markets. The Swiss government has guaranteed losses of up to CHF9bn (£7.94bn) on some portfolios of assets it is taking on from Credit Suisse. It is a task that is likely to involve heavy job losses in the investment banking division of Credit Suisse, which employs more than 5,000 people in the UK, the majority of them based at London's Canary Wharf. To the management of UBS now falls the task that eluded successive Credit Suisse chief executives - stripping away the risk-taking, buccaneering culture at the heart of the bank and making it altogether more boring. That may in turn have created a sense of hubris at Credit Suisse that ultimately led to the events of this weekend. In the decade and a half that followed the rescues of the banking crisis, Credit Suisse found itself tripping over every potential banana skin around. Never was this more the case than in the wake of the global financial crisis. To those who do not work in or follow closely the fortunes of the banking sector, it is impossible to neatly sum up the seismic nature of UBS's takeover of its Swiss rival Credit Suisse.

“In my eyes, this is against the law,” said Patrik Kauffman, a fund manager at Aquila Asset Management, who invests in additional tier 1 (AT1) bank debt.

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Decision over bonds rips up convention and could undermine confidence in banking system.

Since there are reckoned to be $275bn (£224bn) of these instruments in issue around the world, it is not a small market to mess with – thus other regulators’ scramble to say nothing has changed in their back yards. But the long-term impact of the ATI affair is the big unknown. The problem is solely the ripping-up of the hierarchy of financial pain. One could take the view that shareholders are getting only a tiny sum of less than a franc a share but, by rights, the figure ought to be zero. And the terms, at face value, look generous to UBS, so the risk of creating a bigger banking whirlpool is lessened. [do the deal over a weekend](https://www.theguardian.com/business/2023/mar/19/credit-suisse-bank-of-england-wont-object-to-takeover-as-ubs-considers-1bn-bid).

Freshfields Bruckhaus Deringer ('Freshfields') is advising UBS Group AG (UBS) as global transaction counsel on its acquisition of Credit Suisse Group AG ...

IP advice was provided by partner Richard Lister. Equity capital markets advice was provided by partners Christoph Gleske and Doug Smith. Regulatory advice was provided by partners Cyrus Pocha and Gunnar Schuster, and senior associate Claire Harrop.

The country's national bank – the Swiss National Bank – backed the buyout. It said this was the best way to get financial markets back on side following a ...

It has repeatedly voiced its support for the recent takeover. According to the Bank of England, the UK banks are “safe and sound”, and well capitalised and funded. It’s not yet clear what would happen with Credit Suisse employees though – and 5,000 of the 74,000 workforce are based in the UK. Michael Hewson, chief market analyst at CMC Markets told PA: “With Credit Suisse shareholders and some bondholders taking a huge hit, banks in Asia have taken a hit on similar concerns about (some of their) bond-holding values, while the weekend deal still presents the Swiss National Bank and Swiss government with untold headaches, with the size of the newly merged bank set to dwarf the size of the Swiss economy.” Although the regulators acted quickly, stock markets in the UK and Asia fell as a as a result of the buyout. He explained that Credit Suisse’s collapse “is a takeover of a challenged institution” which does not reflect “broader issues in the banking markets”. As Switzerland’s central bank said, it was an “exceptional situation” and not indicative of what might happen to banks around the world. But, the bank made a loss in 2021 and again in 2022 (its worst performance year since 2008), and had warned it did not expect to be profitable until 2024. It was Switzerland’s second biggest lender, and one of the top 30 most important banks in the world. The country’s national bank – the Swiss National Bank – backed the buyout. It said this was the best way to get financial markets back on side following a dramatic 24% drop in shares for Credit Suisse earlier that week. That’s a huge decline from the value Credit Suisse had on Friday, $8 billion (£6.55 billion) – showing that it had become a desperate situation over the weekend.

Over the weekend, Swiss regulators engineered an emergency rescue package for Swiss bank Credit Suisse in the form of a merger with its long-time rival UBS.

I would assume UBS will be interested in making the most of absorbing a rival in the first three instances. Bestinvest Mr Holland’s comments: “For former Credit Suisse shareholders who will have a much reduced stake in an enlarged UBS, it is too soon to assess the outlook. This was the latest in a long line of scandals and crises to hit one of Switzerland’s oldest banks. Mounting concern over the stability of Credit Suisse prompted customers to pull their funds from the bank, along with panicked shareholders. Existing shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held. Last week, Credit Suisse’s auditor, PricewaterhouseCoopers (PwC) identified ‘material weaknesses’ in the bank’s internal controls in its annual report.

Freshfields Bruckhaus Deringer ('Freshfields') is advising UBS Group AG (UBS) as global transaction counsel on its acquisition of Credit Suisse Group AG ...

IP advice was provided by partner Richard Lister. Equity capital markets advice was provided by partners Christoph Gleske and Doug Smith. Regulatory advice was provided by partners Cyrus Pocha and Gunnar Schuster, and senior associate Claire Harrop.