Credit Suisse UBS Merger Confirmed: FT

Anvesh Reddy
March 18, 2023 Updated March 19, 2023
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Credit Suisse UBS bitcoin price crypto news

A historic merger deal between Credit Suisse () and UBS Group is all set to be finalized as soon as Saturday evening, latest reports confirmed. It is said that the Swiss National Bank, Switzerland’s central bank and regulator Swiss Financial Market Supervisory Authority FINMA believe this merger as the only choice to prevent a Credit Suisse collapse.

This could make a massive banking entity with the merger of the two largest Switzerland banks. The banking crisis, which began with the collapse of the Silicon Valley Bank, has been a positive event for the crypto market.

Also Read: Credit Suisse Shares Drop 24%; Bitcoin Price To Take A Hit?

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Credit Suisse- UBS Merger

According to latest report from Financial Times, the boards of the two banks will be meeting over the weekend. Hence, the deal will be accordingly designed as per the needs of regulation in US, the UK and Switzerland. While UBS has $1.1 trillion of assets, Credit Suisse has a total assets of $575 billion. European bank shares were affected heavily over the loss of confidence in the Swiss bank, even as new fears of Silicon Valley Bank like collapses among US banks emerged.

Earlier, the Swiss central bank provided an emergency credit line of $54 billion to Credit Suisse, as its share price dropped in the wake of the recent bank collapse. However, the credit line failed to have any impact on investor sentiment as the bank’s share price continued to fall. Meanwhile, the Bitcoin price saw a 10 month high of $27,700 on Saturday, ahead of next week’s key Federal Open Market Committee (FOMC) meeting.

Also Read: Bitcoin To Reach $1 Million In Next 90 Days? Ex-Coinbase CTO Bets His Net Worth

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Credit Suisse Offered $1 Billion By UBS

In a latest update, UBS Group AG has offered Credit Suisse AG up to $1 billion in an all shared deal. As reported by CoinGape, UBS wants a material adverse change deal that will allow them to opt out in case if credit default spread over 100 basis points. We are yet to hear from Credit Suisse official but an answer is expected before markets open on Monday.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.