UBS to acquire rival bank Credit Suisse amid crisis
Asia markets were mostly down on Monday morning after UBS agreed a rescue deal to buy its banking rival Credit Suisse in a $3.2bn takeover over the weekend.
Hong Kong’s Hang Seng index led losses in the region, falling more than 2 per cent and dragged down by healthcare stocks, reported CNBC.
The Shanghai Composite was up 0.27 per cent, while the Shenzhen Component was 0.39 per cent higher.
Japan’s Nikkei 225 was 0.83 per cent down and the Topix was 0.9 per cent lower.
Meanwhile in South Korea, Kospi is 0.27 per cent lower while the Kosdaq was trading at 0.69 per cent higher.
UBS’s merger has been welcomed internationally, with the US Federal Reserve and Treasury saying Switzerland had moved to “support financial stability”.
British chancellor Jeremy Hunt and the Bank of England have also hailed the deal.
The 167-year-old Credit Suisse was brought to the brink of financial calamity last week despite a £45bn emergency loan from Switzerland’s central bank.
Asia markets fall as UBS offers to buy Credit Suisse
Asia markets were mostly down on Monday morning with Hong Kong’s Hang Seng index leading losses in the region, falling more than 2 per cent and dragged down by healthcare stocks, reported CNBC.
The Shanghai Composite was up 0.27 per cent, while the Shenzhen Component was 0.39 per cent higher.
Japan’s Nikkei 225 was 0.83 per cent down and the Topix was 0.9 per cent lower.
Meanwhile in South Korea, Kospi is 0.27 per cent lower while the Kosdaq was trading at 0.69 per cent higher.
FILE-A woman wearing a face mask looks at an electronic foreign currency exchange rates in downtown Seoul, South Korea
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Sravasti Dasgupta20 March 2023 03:54
UBS to buy crisis-hit rival bank Credit Suisse
Banking giant UBS will buy its ailing rival Credit Suisse in a snap deal brokered by Swiss authorities to avoid further chaos in markets after a series of high-profile financial failures.
Sravasti Dasgupta20 March 2023 04:30
