Credit Suisse UBS Merger Confirmed: FT – Cryptonium


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Credit Suisse UBS Merger Confirmed: FT

The banking sector has been in turmoil since the collapse of Silicon Valley Bank, and now a historic merger deal between Credit Suisse and UBS Group is set to be finalized this Saturday evening. This proposed merger could create one of the largest banks in Switzerland, with total assets worth $1.675 trillion; UBS having $1.1 trillion and Credit Suisse having $575 billion respectively.

The Swiss National Bank (SNB) which is also the regulator for financial markets along with FINMA believe that this move will prevent a possible collapse of Credit Suisse due to their current financial situation caused by the banking crisis triggered by Silicon Valley Bank’s downfall earlier this year. The boards from both banks are meeting over the weekend to design an appropriate deal as per US, UK & Switzerland’s regulations before they sign off on it officially on Saturday night..

This development has come at an interesting time when cryptocurrencies have taken center stage in global markets amid growing concerns about traditional banking systems being vulnerable due to contagion risk spreading across Europe’s major economies such as Greece or Italy which would further threaten world economy if not contained soon enough through measures like these mergers etc..

All eyes are now focused on how successful can SNB & FINMA prove themselves while managing such big transitions within short span of time while ensuring that all regulatory requirements are met without any hiccups so that no harm comes upon either bank’s customers during transition period .

Cryptonium Editors