Biggest Swiss Bank UBS Agrees To Buy Crisis-Hit Credit Suisse In Historic Deal

Chairman Axel Lehmann said the merger represents the “best available outcome.”

Bern, Switzerland:

UBS will take over stricken rival Swiss bank 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 bank said, with chairman Axel Lehmann adding: “Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome.”

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