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The Latest Breaking News from UBS

Saudi National Bank to lose $1.2B on Credit Suisse rescue

Comments from SNB's chairman sparked a crisis of confidence that ended with UBS taking over its Swiss rival for $3.2 billion.

Fortune

Credit Suisse shares slump 64% after UBS deal

LONDON/ZURICH: Shares in Credit Suisse dropped 64% after the market opened on Monday after rival UBS agreed at the weekend to take over the 167-year old bank for $3 billion.

Bangkok Post

Investors consider legal action over Credit Suisse deal; Downing Street says UK banking system is safe – as it happened

Holders of riskier AT1 bonds, which are wiped out under deal with UBS, consider legal action.

The Guardian - UK

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FTSE 100 Live: FTSE closes at 7403 in major Credit Suisse rebound, Amazon lays off 9,000

London shares are under more pressure today as traders digest details of UBS’s emergency takeover of Credit Suisse.

Evening Standard

Six central banks announce plan to ease US dollar flows in rare joint move

Rare joint statement comes as banking giant UBS announced it will buy ailing rival Credit Suisse

The Independent UK

UBS to buy Credit Suisse for nearly $3.25B to calm turmoil

Swiss President Alain Berset said banking giant UBS is acquiring its smaller rival Credit Suisse for almost $3.25 billion in an effort to avoid further market-shaking turmoil in global banking

The Independent UK

Explainer: are we in a banking crisis?

The below-market sale of Credit Suisse has spooked investors but other markets have held up well and central banks are working to keep money flowing

The Guardian - AU

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Asian stocks sink after Credit Suisse takeover

Asian stock markets are lower after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes

The Independent UK

Credit Suisse news – latest: Asia markets down after UBS offers to buy crisis-hit bank

UBS’s merger with Credit Suisse has been welcomed internationally

The Independent UK

UK banking system ‘safe and sound’ after Credit Suisse buyout, Bank of England says

Threadneedle Street has days before next interest rates call, as central banks signal more turmoil could follow

The Independent UK

Credit Suisse failure follows years of scandal and mistrust—with an Ohio mattress company playing a role

“We’ve watched the bank lurch from scandal to scandal for so long that it’s hard to recall all of them at this point.”

Fortune

ASX dives in late afternoon trade as moves to quell banking crisis fail to enthuse investors

Australia was the first major financial centre to react to UBS's takeover of Credit Suisse and coordinated action by central banks to pump more US dollars into the global banking system — and the response was hardly enthusiastic.

ABC News

UBS to buy Credit Suisse as banking fears persist

Swiss regulators manage takeover of 167-year-old European banking giant.

Axios

UBS to buy Credit Suisse for nearly $3.25 billion to calm turmoil in banking industry

Credit Suisse’s buyout by UBS was arranged by banking regulators worried that Credit Suisse’s failure could have repercussions similar to the collapse of Lehman Brothers.

Chicago Sun-Times

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The Guardian - AU

Morning Mail: Amazon acts on party drug loophole, Credit Suisse takeover deal, Perrottet talks pokies

Vladimir Putin visits Mariupol, Marles says Iraq war opponents have been vindicated and NSW election nears

The New Daily

UBS to take over 167-year-old rival Credit Suisse

Deal done: UBS will buy Credit Suisse after increasing its offer to more than $US2 billion, the Financial Times reports

The Independent UK

UBS to buy crisis-hit bank Credit Suisse in bid to avoid financial chaos

Central banks around the world hail £2.7bn merger which saw Swiss government bend the rules for swift action

WEKU

UBS to buy troubled Credit Suisse in deal brokered by Swiss government

UBS will buy rival Credit Suisse for more than $3 billion in a deal brokered by Swiss officials to try and prevent a banking crisis.

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ABC News

World's central banks rally to prevent banking crisis spreading after UBS takes over embattled Credit Suisse

Beleaguered bank Credit Suisse is bought out by Swiss rival UBS, with the nation's president saying an uncontrolled collapse would have had "incalculable consequences" for the international finance system.

The Independent UK

Swiss to hold news conference amid Credit Suisse troubles

Swiss leaders are holding a news conference Sunday night following several media reports that banking giant UBS is believed to be in talks to acquire its smaller rival Credit Suisse

France 24

UBS agrees to buy Credit Suisse for more than $2bn, reports Financial Times

UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion, the Financial Times reported on Sunday.

Evening Standard

UBS to take over Credit Suisse, Swiss central bank confirms

Swiss President Alain Berset said the deal was one of great breadth for the stability of international finance’

The New Daily

UBS offers ‘to buy Credit Suisse for up to $US1 billion’

UBS Group AG has offered to buy Credit Suisse for up to $US1 billion ($1.5 billion), the Financial Times reports.

The Guardian - UK

UBS agrees to takeover of stricken Credit Suisse for $3.25bn

Swiss government forces through takeover at well below market value amid fears of global banking crisis

The Guardian - UK

Millions paid in bonuses to UK Silicon Valley Bank staff days after £1 rescue

Workers reported to have received payouts from ‘modest’ pool of £15m-£20m following takeover deal by HSBC

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