(Bloomberg) — UBS Group AG has agreed to buy Credit Suisse Group AG in a government-brokered deal aimed at averting a crisis of confidence that threatens to spread across global financial markets.
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Under the terms of the all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to CHF 0.76/share for the total value. is CHF 3 billion, UBS said in a statement on Sunday. The deal will create a global wealth management company with $5 trillion in assets invested across the group.
Both banks have unrestricted access to the existing facilities of the Swiss National Bank, through which they can receive liquidity from the SNB under guidance on monetary policy instruments.
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