UBS Group signs deal to buy Credit Suisse for more than $3.2 billion

In an attempt to calm the mood of the global market, the Swiss group UBS closed an agreement this Sunday, 19, for the redemption of Credit Suisse, your competitor. According to Financial Times, the amount to be paid will be US$ 3.25 billion. The Swiss central bank will provide substantial liquidity to the institution resulting from the merger between the banks, according to the agency. Reuters, which also claims that the UBS group agreed to assume up to $5.4 billion in losses during the acquisition of the rival institution. Such negotiations usually take months, but the Swiss authorities engineered the deal and put pressure on the UBS group to prevent the crisis of confidence in Credit Suisse from generating even more instability in the financial system. A Reuters he also says that the expectation is that the agreement will be completed by the end of this year. Credit Suisse is among the 30 largest banks in the world, and the sharp drop in shares in the last week has scared the market, already weakened by the crises in large institutions in the U.S. At first, the Financial Times had announced that the UBS group would buy Credit Suisse for US$ 1 billion, but later it was reported that the offer was increased to more than US$ 2 billion. According to the Financial Times and Blick, the bank’s clients withdrew CHF10 billion in deposits in a single day at the end of last week, showing their distrust of Credit Suisse.