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UBS’s acquisition of Credit Suisse brings some good and bad for crypto

Published 03/27/2023, 09:54 AM
Updated 03/27/2023, 12:20 PM
© Reuters.

On Sunday, March 19, the 167-year history of banking giant Credit Suisse ended with a takeover by the largest Swiss bank, UBS. Under pressure from the Swiss government, UBS took over its ailing competitor for 3 billion Swiss francs ($3.25 billion) — less than half the $8 billion market value of Credit Suisse just two days before, on Friday, March 17.

A day later, on March 20, shares in Credit Suisse plunged more than 60% in European trading, with UBS down 9%.

The “Occupy” movement at Paradeplatz in Zurich, where UBS and Credit Suisse branches are located next to each other. Source: Ronald Zh

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