Mar 20, 2023
By Jeremy Logan
Trading of Credit Suisse shares on the Swiss stock market has seen a 60.5% decline.
The drop follows the disclosure that banking behemoth UBS will pay about $3.25 billion to acquire its ailing rival.
Regulators arranged the settlement to avert more market-shaking unrest in the global financial sector.
On Monday, UBS shares were down 8% as well.
After a plan for Credit Suisse to borrow up to $74 billion (CDN) failed to satisfy investors and the bank’s customers, Swiss regulators urged UBS to acquire its smaller rival.
Shares of Credit Suisse and other banks plunged after the failure of two banks in the U.S.
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