UBS is set to take over its troubled Swiss rival Credit Suisse for $3.25 billion following weekend crunch talks aimed at preventing a wider international banking crisis, but Asian equities sank Monday on lingering worries about the sector.
The deal, in which Switzerland's biggest bank will take over the second largest, was vital to prevent economic turmoil from spreading throughout the country and beyond, the Swiss government said.
The three keys USB logo is seen outside the London office of Swiss bank UBS in central London, on March 20, 2023. Global bank shares took another beating on Monday despite a UBS takeover of embattled Swiss rival Credit Suisse and actions by financial authorities aimed at calming investors fearing a broader crisis. UBS agreed to take over Credit Suisse for $3 billion Swiss francs ($3.25 billion) in a government-brokered deal over the weekend following days of market upheaval over the health of the banking sector. Daniel LEAL / AFP
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