UBS Offers To Buy Embattled Bank Credit Suisse For Up To $1 Billion
If the deal is closed, it would represent a significant discount: UBS would pay $0.
to Credit Suisse “if necessary” hours earlier, but the bank’s share price still slid almost 7% the following day.Shares of Credit Suisse have plummeted in recent weeks, and trading was halted Wednesday after the share price. On Tuesday, the bank said it had suffered “material weakness” in its 2021 and 2022 financial reporting processes. In response, its biggest backer, the Saudi National Bank, said it wouldn’t buy any more shares in Credit Suisse.
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