UBS agrees to buy Credit Suisse for more than US$3 billion as contagion fears grow

UBS agrees to buy Credit Suisse for more than US$3 billion as contagion fears grow

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UBS agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs (US$3.23 billion) in stock and agreed to assume up to 5 billion Swiss francs (US$5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. The deal…

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