Last Updated: March 20, 2023, 02:45 IST
Chairman of the Board of Directors of Credit Suisse, Axel Lehmann attends a information convention on Credit Suisse after UBS takeover supply, in Bern, Switzerland, March 19, 2023. (Image: Reuters)
Credit Suisse made this announcement after intense talks in Bern on Sunday
UBS will take over stricken rival Swiss financial institution Credit Suisse for “a merger consideration of three billion Swiss francs”, ($3.24 billion), Credit Suisse said in a statement Sunday following intense talks in Bern.
“All shareholders of Credit Suisse will receive one share in UBS for 22.48 shares in Credit Suisse as merger consideration. This exchange ratio reflects a merger consideration of three billion Swiss francs for all shares in Credit Suisse,” the troubled financial institution stated, with chairman Axel Lehmann including: “Given current extraordinary and unprecedented circumstances, the introduced merger represents the most effective obtainable consequence.”
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