<p><a href="https://www.dailywire.com/topic/switzerland" target="_blank" rel="noopener">Switzerland</a>&#8216;s two largest banks are poised to merge in a deal regulators sought to help create stability as volatility rocks financial institutions around the globe.</p>
<p>UBS, the larger of the pair, agreed on Sunday to buy troubled competitor Credit Suisse for more than $3 billion, <a href="https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa" target="_blank" rel="noopener">according to The Wall Street Journal</a>.</p>
<p>&#8220;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,&#8221; <a href="https://www.snb.ch/en/mmr/reference/pre_20230319/source/pre_20230319.en.pdf" target="_blank" rel="noopener">said the Swiss National Bank</a>.</p>
<p>The exact details of the arrangement are not all fully clear, but the <a href="https://www.ft.com/content/ec4be743-052a-4381-a923-c2fbd7ea9cfd" target="_blank" rel="noopener">Financial Times reported</a> that Swiss authorities were working to speed up the process by changing laws to bypass a shareholder vote.</p>
<p>In addition, the Swiss National Bank said it would offer a loan of up to 100 billion Swiss francs ($108 billion) to support the takeover, and the Swiss government pledged to cover about 9 billion francs ($9.7 billion) worth of potential losses for assets being taken over by UBS, <a href="https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html" target="_blank" rel="noopener">per CNBC</a>.</p>
<p>Swiss President Alain Berset said the deal is “one of great breadth for the stability of international finance,&#8221; <a href="https://apnews.com/article/credit-suisse-ubs-bank-collapse-svb-swiss-1a06bc96cbca9be4fbfd20a8f008ab8f?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_01" target="_blank" rel="noopener">the Associated Press reported</a>. &#8220;An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system.&#8221;</p>
<p>The Financial Stability Board, <a href="https://www.fsb.org/about/" target="_blank" rel="noopener">an international group</a> that assesses the global financial system, considers Credit Suisse to be one of 30 <a href="https://www.fsb.org/wp-content/uploads/P211122.pdf" target="_blank" rel="noopener">“systemically important” banks</a>.</p>
<p>With its shares plummeting by 75% in the past 12 months, Credit Suisse received a lifeline of 50 billion franks, or $54 billion, from the Swiss central bank last week, but CNN reported that did not <a href="https://www.cnn.com/2023/03/17/investing/credit-suisse-shares-drop-despite-lifeline/index.html" target="_blank" rel="noopener">fully reassure investors</a>. The purchase price reported on Sunday would be less than half the 7.4 billion francs Credit Suisse was worth at the close of trading on Friday, <a href="https://www.bloomberg.com/news/articles/2023-03-19/ubs-agrees-to-buy-credit-suisse-in-historic-deal-to-end-crisis" target="_blank" rel="noopener">according to Bloomberg News</a>.</p>
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<p>Credit Suisse, which is nearly 167 years old, reportedly had about 50,000 employees by the end of 2022 while UBS has about 74,000 employees around the world.</p>
<p>News of the purchase comes after Silicon Valley Bank, Signature Bank, and Silvergate Bank collapsed this month, after which the U.S. federal government took steps to protect depositors.</p>
<p>Treasury Secretary Janet Yellen assured Congress last week that the U.S. financial system “<a href="https://www.dailywire.com/news/yellen-tells-lawmakers-that-the-american-banking-system-remains-sound-after-two-banks-collapse" target="_blank" rel="noopener">remains sound</a>,” and 11 major banks offered $30 billion in deposits to assist the struggling First Republic Bank.</p>
<p>Billionaire investor Warren Buffett reportedly spoke with Biden administration officials in recent days about contending with the banking crisis, including <a href="https://www.dailywire.com/news/warren-buffett-talks-with-biden-officials-about-possible-bank-investment-report" target="_blank" rel="noopener">a possible investment</a> into the U.S. regional banking sector.</p>

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Switzerland’s Two Largest Banks To Combine