UBS to buy Credit Suisse for nearly $3.25B to calm turmoil
GENEVA (AP) — 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 combination of the two biggest and best-known Swiss banks, each with storied histories dating back to the mid-19th century, amounts to a thunderclap for Switzerland’s reputation as a global financial center — leaving it on the cusp of having a single national champion in banking. While UBS is buying Credit Suisse, UBS officials said they plan to sell off parts of Credit Suisse, or reduce the size of the bank over the coming months and years.
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