March 19
Deal agreed
UBS will buy Credit Suisse for $3.25bn, more than triple the figure quoted in initial reports. The deal, which was brokered by the Swiss regulator, will create the world’s biggest wealth manager.
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The Swiss National Bank agreed to offer a $100bn (£81.8bn) liquidity line to UBS as part of the deal, according to the Financial Times.
The Bank of England released a statement saying it welcomed the "comprehensive set of actions" set out by the Swiss Authorities.
The UK banking system is well capitalised and funded, and remains safe and sound."
sally.hickey@ft.com, david.thorpe@ft.com
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