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

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.”