© Reuters. UBS closes deal to buy Credit Suisse for more than $2 billion, says ‘FT’
UBS bank (UBS) will buy the Swiss credit (SIX:) for more than $2 billion in an equity transaction, the Financial Times, citing sources with direct knowledge of the transaction. The value corresponds to 50 franc cents per share, against 1.86 francs at the close of the shares of Credit Suisse on Friday.
Separately, the The Wall Street Journal reported that the Swiss National Bank offered UBS (NYSE:) about $100 billion in liquidity to help it take over Credit Suisse’s operations, according to people familiar with the matter.
The deal was reportedly cobbled together by Swiss regulators to prevent crumbling confidence in banks from spreading, according to sources. Swiss authorities were seeking an announcement of the deal before Asian markets opened.