- UBS says buyout of Credit Suisse is an "emergency rescue"
- Credit Suisse's share price had plummeted, with market indicators pointing to collapse or resolution
European and UK bank stocks slumped again on Monday morning after the weekend deal by the Swiss National Bank to fold Credit Suisse (US:CS) into UBS (US:UBS). The deal came after Credit Suisse's market capitalisation cratered to $8bn last week; the all-share deal valued the global banking giant at just $3.25bn.
“With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss National Bank said.