A historic merger deal between Credit Suisse and UBS Group is all set to be finalized as soon as Saturday evening, latest reports confirmed. It is said that the Swiss National Bank, Switzerland’s central bank and regulator Swiss Financial Market Supervisory Authority FINMA believe this merger as the only choice to prevent a Credit Suisse collapse. This could make a massive banking entity with the merger of the two largest Switzerland banks. The banking crisis, which began with the collapse of the Silicon Valley Bank, has been a positive event for the crypto market.
Also Read: XRP Lawyer Bets On Bitcoin As Bank Contagion Spreads; Here’s Why
Credit Suisse UBS Merger
According to latest report from Financial Times, the boards of the two banks will be meeting over the weekend. Hence, the deal will be accordingly designed as per the needs of regulation in US, the UK and Switzerland. While UBS has $1.1 trillion of assets, Credit Suisse has a total assets of $575 billion. European bank shares were affected heavily over the loss of confidence in the Swiss bank, even as new fears of Silicon Valley Bank like collapses among US banks emerged.
Earlier, the Swiss central bank provided an emergency credit line of $54 billion to Credit Suisse, as its share price dropped in the wake of the recent bank collapse. However, the credit line failed to have any impact on investor sentiment as the bank’s share price continued to fall. Meanwhile, the Bitcoin price saw a 10 month high of $27,700 on Saturday, ahead of next week’s key Federal Open Market Committee (FOMC) meeting.
Also Read: Bitcoin To Reach $1 Million In Next 90 Days? Ex-Coinbase CTO Bets His Net Worth
The post Credit Suisse UBS Merger Confirmed: FT appeared first on CoinGape.
