UBS Group has agreed to purchase the ailing Switzerland-based bank Credit Suisse for $2 billion, according to a report from Associated Press on March 19.
The two banks, both based in Switzerland, are considered rivals. Previously, UBS Group offered to buy Credit Suisse for the smaller amount of $1 billion.
Swiss President Alain Berset announced the deal in the evening. The deal is being brokered by the government in order to prevent a financial crisis.
Credit Suisse experienced various issues leading up to the sale. On March 14, managers found “material weaknesses” in the bank’s financial reporting controls. Concerns around Credit Suisse led its share value to fall drastically: company stock (CHF) is now valued at $1.86, representing a decline of 32.85% over the past month.
Justin Sun, known for his role in TRON and Huobi blockchain projects, also offered to buy the bank for $1.5 billion — a proposal that ultimately failed. Sun intended to integrate Suisse bank with crypto and blockchain, according to his series of tweets.
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