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BLOOMBERG: UBS pares losses as investors weigh impact of Credit Suisse deal<<UBS Pares Losses as Investors Weigh Impact of Credit Suisse Deal • Historic rescue deal raises questions for UBS strategy • Market may soon realise upside for UBS, investor says By Myriam Balezou and Thyagaraju Adinarayan March 20, 2023, 8:09 AM UTC Updated on March 20, 2023, 11:49 AM UTC UBS Group AG pared losses while investors digested the drawbacks and potential upside of its Credit Suisse Group AG takeover, a deal that forces it to wind down assets and restructure while handing over valuable assets at a bargain price. The government-brokered, 3 billion Swiss franc ($3.2 billion) deal signed late Sunday was intended to put an end to a crisis of confidence at Credit Suisse and stem contagion through the global financial system that started with the collapse of Silicon Valley Bank this month. The deal values Credit Suisse at a fraction of its closing price, with a raft of government backstops and guarantees to help ease the pain for UBS. . . . .>> https://www.bloomberg.com/news/articles/2023-03-20/ubs-slumps-after-agreeing-to-buy-credit-suisse-in-historic-deal |
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