View source for Acquisition of Credit Suisse by UBS

{{short description|2023 banking merger in Switzerland}}
{{Infobox acquisition
| logo = UBS Logo.png
| logo2 = Credit Suisse Logo 2022.svg
| cost = {{CHF|3|ISO=yes|link=yes}}&nbsp;billion ({{USD|3.2}}&nbsp;billion)
| initiated = 19 March 2023
| completed = 12 June 2023
| logo_alt = Three black keys together on the left of red letters 'UBS'.
| logo2_alt = Blue words "Credit Suisse", with two overlapping solid-blue sails. The overlapping part is white.
| initiator = [[UBS]]
| target = [[Credit Suisse]]
| type = All-stock full acquisition
| logo_size = 180
}}

On 19 March 2023, Swiss bank [[UBS Group AG]] agreed to buy [[Credit Suisse]] for {{CHF|3|link=yes|ISO=yes}} billion ({{USD|3.2|link=yes}}&nbsp;billion) in an all-stock deal brokered by the [[government of Switzerland]] and the [[Swiss Financial Market Supervisory Authority]].<ref name=":1">{{Cite news |last=Capoot |first=Ashley |date=19 March 2023 |title=UBS buys Credit Suisse for $3.2&nbsp;billion as regulators look to shore up the global banking system |work=[[CNBC]] |url=https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html |url-status=live |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319193819/https://www.cnbc.com/2023/03/19/ubs-agrees-to-buy-credit-suisse-as-regulators-look-to-shore-up-global-banking-system.html |archive-date=19 March 2023}}</ref><ref>{{Cite news |last1=Halftermeyer |first1=Marion |last2=Bazelou |first2=Myriam |date=2023-03-19 |title=UBS Agrees to Buy Credit Suisse in Historic Deal to End Crisis |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2023-03-19/ubs-agrees-to-buy-credit-suisse-in-historic-deal-to-end-crisis |url-status=live |access-date=2023-03-19 |archive-url=https://web.archive.org/web/20230319172338/https://www.bloomberg.com/news/articles/2023-03-19/ubs-agrees-to-buy-credit-suisse-in-historic-deal-to-end-crisis |archive-date=19 March 2023}}</ref><ref name=":0">{{Cite news |last1=Massoudi |first1=Arash |last2=Morris |first2=Stephen |last3=Fontanella-Khan |first3=James |last4=Noonan |first4=Laura |last5=Walker |first5=Owen |date=19 March 2023 |title=UBS agrees to buy Credit Suisse for more than $2bn |work=[[Financial Times]] |url=https://www.ft.com/content/ec4be743-052a-4381-a923-c2fbd7ea9cfd?sharetype=gift |url-status=live |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319193829/https://www.ft.com/content/ec4be743-052a-4381-a923-c2fbd7ea9cfd?sharetype=gift |archive-date=19 March 2023}}</ref> The [[Swiss National Bank]] supported the deal by providing more than {{CHF|100|iso=yes}}&nbsp;billion ({{Usd|104}}&nbsp;billion) in [[Market liquidity|liquidity]] to UBS following its takeover of Credit Suisse's operations,<ref name=":8" /> while the Swiss government provided a guarantee to UBS to cover losses of up to {{CHF|9|iso=yes}}&nbsp;billion ({{Usd|9.6}}&nbsp;billion) over the short term.<ref name=":1" /> Additionally, {{CHF|16|iso=yes}}&nbsp;billion ({{Usd|17.2}}&nbsp;billion) of [[Contingent convertible bond|Additional Tier 1 bonds]] were written down to zero.<ref name="ft-bondwipeout">{{Cite news |last1=Walker |first1=Owen |last2=Martin |first2=Katie |last3=Smith |first3=Robert |last4=Morris |first4=Stephen |date=19 March 2023 |title=Holders of $17bn of Credit Suisse bonds wiped out under UBS takeover |work=[[Financial Times]] |url=https://www.ft.com/content/d1ae9a54-c4a7-4742-8b2d-afff549f4f95 |url-status=live |url-access=subscription |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319232034/https://www.ft.com/content/d1ae9a54-c4a7-4742-8b2d-afff549f4f95 |archive-date=19 March 2023}}</ref>

Credit Suisse is a globally [[Systemically important financial institution|systemically important bank]] whose investment banking unit, [[Credit Suisse First Boston|First Boston]], had been recently tarnished by a series of high-profile scandals. The [[2023 United States banking crisis|banking crisis in the United States]] had caused fear among global investors and led to panic over other possibly troubled banks. Credit Suisse's share price plunged after the leading shareholder ruled out further investment into the bank due to regulatory issues.<ref name=":7">{{Cite news |last=Smith |first=Colby |date=19 March 2023 |title=Central banks announce dollar liquidity measures to ease banking crisis |work=[[Financial Times]] |url=https://www.ft.com/content/12cde8bc-ddac-48ef-8563-ff4007fa7e9f |url-status=live |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319220750/https://www.ft.com/content/12cde8bc-ddac-48ef-8563-ff4007fa7e9f |archive-date=19 March 2023}}</ref> The deal was rapidly agreed upon and announced just before the Asian financial markets opened on Monday morning in order to prevent "market shaking" turmoil in the global financial markets.<ref>{{Cite web |last1=Keaten |first1=Jamie |last2=Sweet |first2=Ken |date=19 March 2023 |title=UBS to buy Credit Suisse for nearly $3.25B to calm turmoil |url=https://apnews.com/article/credit-suisse-ubs-bank-collapse-svb-swiss-1a06bc96cbca9be4fbfd20a8f008ab8f |url-status=live |archive-url=https://web.archive.org/web/20230319225639/https://apnews.com/article/credit-suisse-ubs-bank-collapse-svb-swiss-1a06bc96cbca9be4fbfd20a8f008ab8f |archive-date=19 March 2023 |access-date=19 March 2023 |website=[[Associated Press]]}}</ref> Soon afterward, [[central bank]]s across the world announced USD liquidity measures to try and ease wider market panic and avoid a wider banking crisis.<ref name=":7" />

UBS completed the acquisition on 12 June 2023.<ref>{{cite news |last1=Halftermeyer |first1=Marion |title=UBS Completes Credit Suisse Takeover to Create Bank Titan |url=https://www.bloomberg.com/news/articles/2023-06-12/ubs-completes-credit-suisse-takeover-to-create-swiss-bank-titan |access-date=12 June 2023 |work=[[Bloomberg News]] |date=12 June 2023 |language=en}}</ref><ref>{{cite news |last=Muller |first=Andre |date=June 12, 2023 |title=Credit Suisse, 1856 bis 2023: Die Überlebenskünstlerin ist am Ende |trans-title=Credit Suisse, 1856 to 2023: The survivor is dead |url=https://www.nzz.ch/wirtschaft/credit-suisse-1856-bis-2023-die-ueberlebenskuenstlerin-ist-am-ende-ld.1741324 |access-date=12 June 2023 |work=[[Neue Zürcher Zeitung]] |language=de}}</ref>

==Background==
===Credit Suisse and the 2008 financial crisis===
[[File:Credit Suisse und Nationalbank in Bern 02.jpg|thumb|A Credit Suisse sign in front of the [[Swiss National Bank]] in [[Bern]]]]
[[Credit Suisse]] was founded in 1856. Over the next 150 years it became a leader among [[Swiss bank]]s, as the "[[gnomes of Zurich]]" funded the development of their nation. After buying [[First Boston]] in the late 20th century, Credit Suisse became a [[bulge bracket]] investment bank that competed with others globally such as [[Goldman Sachs]]. The [[2008 financial crisis]] affected Credit Suisse less than peers;<ref name=":6">{{Cite news |last1=Wallace |first1=Joe |last2=Brown |first2=Elliot |date=19 March 2023 |title=Credit Suisse, the Risk-Taking Swiss Banking Giant, Succumbs to Crisis |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/credit-suisse-the-risk-taking-swiss-banking-giant-succumbs-to-crisis-5a9a1b2e |access-date=20 March 2023 |archive-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320014753/https://www.wsj.com/articles/credit-suisse-the-risk-taking-swiss-banking-giant-succumbs-to-crisis-5a9a1b2e |url-status=live}}</ref>{{r|ft20230324}} while the [[Swiss National Bank]], the [[central bank]], rescued rival [[UBS]] after no private investor was willing to do so by purchasing $60&nbsp;billion of [[toxic asset]]s and $5.3&nbsp;billion in shares of stock from UBS as a form of a capital infusion, Credit Suisse raised a far smaller $9&nbsp;billion privately from investors to strengthen its financial position.<ref>{{Cite news |last=Cimilluca |first=Dana |date=17 October 2008 |title=Swiss Move to Back Troubled UBS |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/SB122413491899139953 |access-date=20 March 2023 |archive-date=3 December 2022 |archive-url=https://web.archive.org/web/20221203065746/https://www.wsj.com/articles/SB122413491899139953 |url-status=live}}</ref>{{r|ft20230324}}

After the [[2008 financial crisis]], Credit Suisse's investment bank continued risky deals to compete with large U.S. financial institutions, while many large U.S. banks and UBS pursued more conservative strategies, and sold off riskier assets to de-risk their own portfolios.<ref name=":6" />{{r|ft20230324}}

[[Basel III]] was criticized as negatively affecting the stability of the financial system by increasing incentives for banks to game the regulatory framework.<ref name="Slovik 2012">{{cite journal|last=Slovik|first=Patrick|year=2012|title=Systemically Important Banks and Capital Regulations Challenges|url=http://www.oecd-ilibrary.org/economics/systemically-important-banks-and-capital-regulation-challenges_5kg0ps8cq8q6-en|series=OECD Economics Department Working Papers|publisher=OECD Publishing|doi=10.1787/5kg0ps8cq8q6-en|doi-access=free|access-date=21 March 2023|archive-date=21 November 2021|archive-url=https://web.archive.org/web/20211121035430/https://www.oecd-ilibrary.org/economics/systemically-important-banks-and-capital-regulation-challenges_5kg0ps8cq8q6-en|url-status=live}}</ref> Notwithstanding the enhancement introduced by the Basel III standard, it argued that "markets often fail to discipline large banks to hold prudent capital levels and make sound investment decisions". The greater the systemic importance of a bank relative country's GDP, such as in the case of Swiss banks, the greater the likelihood of the bank taking excessive risks.<ref name="Slovik 2012"/>

In the Swiss financial industry, the expression "It would be like UBS and Credit Suisse merging" was a joke to indicate the unlikelihood of something happening,<ref name="ferber20230320">{{Cite news |last=Ferber |first=Michael |date=20 March 2023 |title=In welchen Bereichen nach der CS-Übernahme ein Stellenabbau droht – und wer gute Karten hat, den Job zu behalten |language=de-ch |work=Neue Zürcher Zeitung |url=https://www.nzz.ch/finanzen/stellenabbau-ubs-und-cs-welche-jobs-sicher-sind-und-welche-nicht-ld.1731372 |access-date=21 March 2023}}</ref> and Swiss authorities rescued UBS because they preferred having two large banks. A UBS-Credit Suisse merger was nonetheless long rumored. [[Tidjane Thiam]], Credit Suisse CEO from 2015 to 2020, often discussed the idea with colleagues.{{r|ft-trinity}} As Credit Suisse weakened, UBS executives planned for how to acquire its rival, and what governmental help it would need. To avoid again using public funds if a large bank needed help, Swiss authorities planned to write off its stock and bonds as needed.{{r|wsj20230322}}

===Losses in investment banking arm===
Credit Suisse chairman [[Axel Lehmann]] recalled at the April 2023 [[shareholders' meeting]], after the collapse of his company, that "After the financial crisis we were named the 'Best Bank Globally'. The years since ... that is the bitter reality".<ref name="jones20230406">{{Cite news |last=Jones |first=Sam |date=2023-04-06 |title=Walnuts and conspiracies: Credit Suisse and UBS shareholders vent about takeover |work=Financial Times |url=https://www.ft.com/content/e2c33477-96ee-4774-b3ad-f45744105515 |access-date=2023-04-06}}</ref> Between 2008 and 2023, Credit Suisse's investment banking arm underperformed, dragging down the business's profitability and causing significant losses.<ref name=":6" /> The bank suffered from a series of scandals and mismanagement, including losses in its investment arm associated with the collapses of [[Archegos Capital]] and [[Greensill Capital]] in 2021.<ref>{{Cite news |last=Daga |first=Anshuman |date=18 March 2023 |title=What happened at Credit Suisse and how did it reach crisis point? |work=[[Reuters]] |url=https://www.reuters.com/business/finance/credit-suisse-how-did-it-get-crisis-point-2023-03-16/ |access-date=20 March 2023 |archive-date=18 March 2023 |archive-url=https://web.archive.org/web/20230318131542/https://www.reuters.com/business/finance/credit-suisse-how-did-it-get-crisis-point-2023-03-16/ |url-status=live}}</ref> [[Credit Suisse#Social media rumours, 2022|Social media rumors]] about the bank's demise in October 2022 aided {{CHF|111|ISO=yes}}&nbsp;billion in outflows from its wealth management business in the last three months of the year.<ref name=ft-trinity>{{cite news |first1=Stephen |last1=Morris |first2=James |last2=Fontanella-Khan |first3=Arash |last3=Massoudi |date=20 March 2023 |title=How the Swiss 'trinity' forced UBS to save Credit Suisse |url=https://www.ft.com/content/3080d368-d5aa-4125-a210-714e37087017 |newspaper=[[Financial Times]] |access-date=21 March 2023 |archive-date=21 March 2023 |archive-url=https://web.archive.org/web/20230321034443/https://www.ft.com/content/3080d368-d5aa-4125-a210-714e37087017 |url-status=live}}</ref><ref>{{cite magazine |last=Hetzner |first=Christiaan |date=6 March 2023 |title=Future of Credit Suisse in question after scandal-plagued bank just lost its most loyal investor |url=https://fortune.com/2023/03/06/credit-suisse-harris-associates-david-herro-liquidated-stake/ |magazine=[[Fortune (magazine)|Fortune]] |access-date=21 March 2023 |archive-date=14 March 2023 |archive-url=https://web.archive.org/web/20230314204751/https://fortune.com/2023/03/06/credit-suisse-harris-associates-david-herro-liquidated-stake/ |url-status=live }}</ref> The bank's [[internal control]] over financial reporting was flagged by its auditor, [[PwC]], for the period 2020 to 2022.<ref>{{Cite news |last1=Illien |first1=Noele |last2=Spezzati |first2=Stefania |date=14 March 2023 |title=Credit Suisse flags 'material weaknesses' in reporting, outflows not reversed |work=[[Reuters]] |url=https://www.reuters.com/business/finance/credit-suisse-says-outflows-have-stabilized-not-reversed-2023-03-14/ |access-date=20 March 2023 |archive-date=17 March 2023 |archive-url=https://web.archive.org/web/20230317155706/https://www.reuters.com/business/finance/credit-suisse-says-outflows-have-stabilized-not-reversed-2023-03-14/ |url-status=live}}</ref>

===March 2023 United States bank failures and contagion===
{{2023 banking crisis sidebar}}
[[File:Switzerland bonds.webp|thumb|300px|Switzerland bonds <br> [[Inverted yield curve]] in 2023
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Following the [[2023 United States banking crisis|March 2023 United States bank failures]], shares in the global banking sector fell sharply. The S&P Banks index declined 22% over two weeks to 18 March 2023. The U.S. bank failures caused wider concern over pressure on the sector from interest rate hikes by the Federal Reserve and other central banks.<ref>{{Cite news |last1=Spezzati |first1=Stefania |last2=Hirt |first2=Oliver |last3=O'Donnell |first3=John |date=18 March 2023 |title=UBS seeks $6&nbsp;billion in government guarantees for Credit Suisse takeover |work=[[Reuters]] |url=https://www.reuters.com/business/finance/credit-suisse-meets-weigh-options-under-pressure-merge-with-ubs-2023-03-18/ |access-date=19 March 2023 |archive-date=18 March 2023 |archive-url=https://web.archive.org/web/20230318235922/https://www.reuters.com/business/finance/credit-suisse-meets-weigh-options-under-pressure-merge-with-ubs-2023-03-18/ |url-status=live}}</ref>

[[Saudi National Bank]] (SNB) was Credit Suisse's largest shareholder, with almost 10%. On Wednesday, 15 March 2023, when [[Bloomberg Television]] asked SNB chairman Ammar Al Khudairy at a Riyadh conference whether his firm might further invest in Credit Suisse, he replied "The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory", adding:<ref name="bloomberg20230315" />{{r|wsj20230322}}

{{blockquote|If we go above 10%, all new rules kick in whether it be by our regulator or the Swiss regulator or the European regulator. We're not inclined to get into a new regulatory regime. I can cite five or six other reasons, but one reason is there is a glass ceiling and we're not going to entertain going beyond it.}}

Bloomberg later wrote "To some Al Khudairy's comment looked like an act of self-sabotage". Although SNB later said that wanting to remain under 10% ownership was its only reason, investors panicked, akin to what happened during the 2010–2011 [[European debt crisis]]. Credit Suisse bonds fell by up to 10 cents per euro in the two hours after Al Khudairy's answer,<ref name="bloomberg20230320">{{Cite news |last1=Halftermeyer |first1=Marion |last2=Nair |first2=Dinesh |last3=Ramnarayan |first3=Abhinav |last4=Foerster |first4=Jan-Henrik |last5=Tan |first5=Gillian |date=20 March 2023 |title=Credit Suisse's Fate Was Sealed by Regulators Days Before UBS Deal |work=[[Bloomberg.com]] |url=https://www.bloomberg.com/news/features/2023-03-20/credit-suisse-ubs-takeover-how-a-166-year-old-bank-collapsed |access-date=20 March 2023 |archive-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320154842/https://www.bloomberg.com/news/features/2023-03-20/credit-suisse-ubs-takeover-how-a-166-year-old-bank-collapsed |url-status=live }}</ref> and its stock declined up to 31% that day.<ref name="bloomberg20230315">{{Cite news |last1=El-Din |first1=Yousef Gamal |last2=Halftermeyer |first2=Marion |date=15 March 2023 |title=Credit Suisse Top Holder Rules Out Investing More After Drop |work=[[Bloomberg.com]] |url=https://www.bloomberg.com/news/articles/2023-03-15/credit-suisse-top-shareholder-rules-out-more-assistance-to-bank-lf9gfhbr |url-status=live |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230316171748/https://www.bloomberg.com/news/articles/2023-03-15/credit-suisse-top-shareholder-rules-out-more-assistance-to-bank-lf9gfhbr |archive-date=16 March 2023}}</ref> Chairman Lehmann, also at the Riyadh conference, quickly returned to Zurich.{{r|wsj20230322}} Credit Suisse executives were aware that they could not control the stock price, but the bonds becoming [[distressed securities]] signaled great concern from the firm's investors and [[counterparties]].{{r|bloomberg20230320}}

[[File:Credit Suisse stock price.webp|thumb|300px|Credit Suisse stock price (2006–2023)]]

At 1{{nbsp}}pm, the firm decided to buy back bonds, but needed help.{{r|bloomberg20230320}} Despite the existing post-2008 plan to never again use public funds to save a bank, Swiss authorities decided that they had to do so in order to avoid global panic.{{r|wsj20230322}} That day, Swiss National Bank provided to Credit Suisse a [[Backstop (finance)|backstop]] in the form of an emergency [[line of credit]] of {{Currency|50&nbsp;billion|CHF|linked=no|first=yes|passthrough=yes}} ($55&nbsp;billion).<ref name=":0" /> Despite this, daily withdrawals of [[demand deposit]]s totaled over {{Currency|10&nbsp;billion|CHF|linked=no|first=yes|passthrough=yes}} later that same week.<ref>{{Cite news |last=Barr |first=Colin |date=16 March 2023 |title=Credit Suisse Will Borrow Up to $53.7&nbsp;Billion |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/credit-suisse-says-it-will-borrow-up-to-50-billion-swiss-francs-ac469cc3?mod=Searchresults_pos3&page=1 |url-status=live |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230316035757/https://www.wsj.com/articles/credit-suisse-says-it-will-borrow-up-to-50-billion-swiss-francs-ac469cc3?mod=Searchresults_pos3&page=1 |archive-date=16 March 2023}}</ref> One-year [[credit default swap]]s (CDSs) for Credit Suisse rose that day from an already alarming 799 [[Basis point|bps]] to 3701 bps, the highest levels for large banks since the 2008 crisis. [[Market discipline]] broke down; an investor said that the price was so high that [[Hedge (finance)|hedging]] was not possible. Work at Credit Suisse almost stopped, as employees evaded clients' telephone calls and their own staff to avoid questions on the crisis.{{r|bloomberg20230320}}

Because of public anger at the Swiss authorities' 2008 rescue of UBS with government funding, no such rescue of Credit Suisse was possible.{{r|ft-trinity}} While publicly stating that Credit Suisse was healthy, the purpose of the backstop was to give Swiss National Bank and [[Swiss Financial Market Supervisory Authority]] (FINMA) time to find a buyer, not for the firm to save itself. They ordered UBS on Wednesday to plan an acquisition as the only alternative to nationalization of Credit Suisse,{{r|bloomberg20230320}} and reportedly told Credit Suisse "You will merge with UBS and announce Sunday evening before Asia opens. This is not optional".{{r|ft-trinity}} While UBS executives had feared such an order, and had to obey without fully understanding the rival's financials, they understood that Credit Suisse's collapse threatened Switzerland's financial reputation. Even Swiss diplomats discussed moving funds from the firm.<ref name="wsj20230322">{{Cite news |last1=Parkinson |first1=Margot |last2=Kowsmann |first2=Patricia |last3=Hinshaw |first3=Drew |last4=Parkinson |first4=Joe |title=It Wasn't Just Credit Suisse. Switzerland Itself Needed Rescuing. |language=en-US |work=The Wall Street Journal |url=https://www.wsj.com/articles/ubs-credit-suisse-rescue-switzerland-banks-36abe8c4 |access-date=23 March 2023}}</ref> Credit Suisse's one-year CDS price remained at 3468 bps on Thursday, signaling that investors doubted the central bank's reassurances.{{r|bloomberg20230320}} Regulators from the EU, the United States, the United Kingdom, and Switzerland expected that Credit Suisse would not have been able to open for business on 19 March had it not been [[Bailout|bailed out]] or acquired by another bank.<ref name=":8">{{Cite news |last1=Patrick |first1=Margot |last2=Dummett |first2=Ben |last3=Cimilluca |first3=Dana |last4=Kowsmann |first4=Patricia |date=19 March 2023 |title=UBS Agrees to Buy Credit Suisse for More Than $3&nbsp;Billion |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa |url-status=live |access-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319164147/https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa |archive-date=19 March 2023}}</ref>{{r|ft-trinity}}{{r|nzz20230325}} U.S. investment management company [[BlackRock]] considered acquiring parts of Credit Suisse, but dropped out on 17 March;<ref>{{cite news |last1=Morris |first1=Stephen |last2=Fontanella-Khan |first2=James |last3=Massoudi |first3=Arash |last4=Walker |first4=Owen |date=19 March 2023 |title=BlackRock explored rival Credit Suisse takeover bid |work=[[Financial Times]] |url=https://www.ft.com/content/6319e205-d688-4521-b048-8d69a2c40847 |url-status=live |access-date=20 March 2023 |archive-url=https://web.archive.org/web/20230319194148/https://www.ft.com/content/6319e205-d688-4521-b048-8d69a2c40847 |archive-date=19 March 2023}}</ref> Swiss authorities reportedly only wanted a domestic solution for the Swiss bank.{{r|wsj20230322}} The American firm decided that it did not want to anger UBS, among its larger customers.{{r|ft-trinity}}

As of April 2023, Credit Suisse has suffered net withdrawals estimated at CHF171.2 billion since October 2022.<ref>{{cite web |title=Credit Suisse reports CHF60bn of client withdrawals |url=https://www.swissinfo.ch/eng/business/credit-suisse-reports-chf60bn-of-client-withdrawals/48457372 |website=[[Swissinfo]] |access-date=25 April 2023 |language=en |date=24 April 2023}}</ref> It has also been reported that while clients' withdrawals at Credit Suisse amounted to CHF65 billion in the first three month of 2023, [[UBS]] (i.e. the main competitor of Credit Suisse in Switzerland) saw CHF25 billion in new deposits/inflows ($8 billion from Swiss clients, $5 billion from East-Asia, $4 billion from the Americas and $3 billion from Europe, the Middle East and Africa).<ref>{{cite web |title=UBS picks up chunk of assets escaping failed Credit Suisse |url=https://www.swissinfo.ch/eng/business/ubs-picks-up-chunk-of-assets-escaping-failed-credit-suisse/48460608 |website=Swissinfo |access-date=25 April 2023 |language=en |date=25 April 2023}}</ref> Yet, in a [[Bloomberg TV]] interview on December 2, 2022, the Chairman of Credit Suisse said that outflows "basically have stopped".<ref>{{cite web |title=Credit Suisse Shares Hit Record Low on Outflow Claims Probe |url=https://www.swissinfo.ch/eng/bloomberg/credit-suisse-shares-hit-record-low-on-outflow-claims-probe/48302998 |website=Swissinfo |access-date=28 June 2023 |language=en |date=21 February 2023}}</ref>

==Negotiations==
[[File:Credit Suisse und Bundeshaus in Bern.jpg|thumb|A Credit Suisse branch sited across from the [[Federal Palace of Switzerland|Federal Palace]], seat of the Swiss government, in [[Bern]]]]
Negotiations surrounding an acquisition began on 15 March. Swiss authorities asserted that a deal had to be done before 20 March, the following Monday, to help prevent the panic from spreading around the world. Issues discussed during the short negotiation period included UBS not wanting Credit Suisse's unprofitable investment bank, antitrust issues from combining Switzerland's two largest banks, the size of a government backstop, and whether to bypass shareholder votes. Swiss National Bank chairman [[Thomas Jordan (economist)|Thomas Jordan]] led the negotiation, mostly excluding Credit Suisse management.{{r|bloomberg20230320}} [[Centerview Partners]] and [[JPMorgan]] advised the management teams of Credit Suisse and UBS respectively; UBS investment banker Piero Novelli and [[Morgan Stanley]] independently advised the respective boards.<ref name=ft-trinity />

Angered by their exclusion, Credit Suisse management warned UBS and Swiss authorities that its three largest shareholders—SNB part-owner [[Public Investment Fund]], [[Olayan Group]], and [[Qatar Investment Authority]], together owning a quarter of the company—disliked the deal, noting that the Mideast investors were large clients of both banks. UBS only wanted Credit Suisse if the price was low, and if Swiss authorities indemnified UBS from any Credit Suisse regulatory violations.{{r|ft-trinity}}{{r|wsj20230322}} On the morning of 19 March, UBS made an offer of {{Currency|0.25|CHF|linked=no|first=yes}} (${{To USD|0.25|CHE|year=2021}}) per share, valuing Credit Suisse at around $1&nbsp;billion, but the price outraged the Mideast investors. SNB urged Credit Suisse to reject the offer; believing that the price was too low, its board did so. The Mideast investors offered to invest $5 billion, but Swiss authorities told Lehmann that his firm had to sell to UBS. Credit Suisse contacted [[Deutsche Bank]] and others, but there was not enough time for another buyer. That afternoon, UBS countered with an offer of {{Currency|0.50|CHF|linked=|first=yes|passthrough=yes}} (${{To USD|0.50|CHE|year=2021}}) per share, valuing Credit Suisse at just over $2&nbsp;billion.<ref name=":0" />{{r|ft-trinity}}{{r|wsj20230322}}{{r|bloomberg20230320}} Swiss authorities threatened to remove Credit Suisse's board if it did not accept; UBS agreed to increase its bid with increased Swiss financial support.{{r|ft-trinity}} The final deal to purchase Credit Suisse for CHF 3&nbsp;billion ($3.2&nbsp;billion) was accepted by the board of Credit Suisse prior to the opening of Asian financial markets on Monday morning. The acquisition was an all-stock deal, with Credit Suisse shareholders receiving 1 UBS share per 22.48 Credit Suisse shares, equivalent to CHF 0.76 per share.<ref name=":1" /><ref>{{cite press release |title=Credit Suisse and UBS to Merge |url=https://www.credit-suisse.com/about-us-news/en/articles/media-releases/credit-suisse-and-ubs-to-merge-202303.html |publisher=Credit Suisse |access-date=21 March 2023 |date=19 March 2023 |archive-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320152320/https://www.credit-suisse.com/about-us-news/en/articles/media-releases/credit-suisse-and-ubs-to-merge-202303.html |url-status=live}}</ref><ref>{{cite press release |title=UBS to acquire Credit Suisse |url=https://www.ubs.com/global/en/media/display-page-ndp/en-20230319-tree.html |publisher=UBS |access-date=21 March 2023 |date=19 March 2023 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319193204/https://www.ubs.com/global/en/media/display-page-ndp/en-20230319-tree.html |url-status=live}}</ref> The price was 1% of Credit Suisse's all-time high value in 2007.<ref>{{cite news |last=Nair |first=Adveith |date=March 20, 2023 |title=Credit Suisse Deal Hands Top Holder $1&nbsp;Billion Investment Loss |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2023-03-20/credit-suisse-deal-hands-top-holder-1-billion-investment-loss |access-date=21 March 2023 |archive-date=21 March 2023 |archive-url=https://web.archive.org/web/20230321081217/https://www.bloomberg.com/news/articles/2023-03-20/credit-suisse-deal-hands-top-holder-1-billion-investment-loss |url-status=live}}</ref>

==Acquisition==
The acquisition was coordinated by the Swiss government, led by the [[Federal Department of Finance]], Swiss National Bank, and FINMA. In an emergency meeting on 19 March 2023, the [[Federal Council (Switzerland)|Swiss Federal Council]] exercised emergency powers to allow the merger to take place without the approval of shareholders, and to provide Credit Suisse with additional liquidity assistance privileged against bankruptcy and backed by a governmental default guarantee. In addition, the Federal Council granted UBS a guarantee worth CHF 9&nbsp;billion ($9.6&nbsp;billion) for potential losses from risks associated with the transaction, after approval by a parliamentary committee.<ref name=":2">{{Cite web |date=19 March 2023 |title=Safeguarding financial market stability: Federal Council welcomes and supports UBS takeover of Credit Suisse |url=https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-93793.html |url-status=live |archive-url=https://web.archive.org/web/20230319195343/https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-93793.html |archive-date=19 March 2023 |access-date=19 March 2023 |website=Press release of the [[Swiss Federal Council]]}}</ref> As part of the deal, CHF 16&nbsp;billion ($17.2&nbsp;billion) of [[Contingent convertible bond|Additional Tier 1 bonds]] (AT1) were written down to zero on FINMA's authorization{{snd}}the largest writedown of AT1 debt so far. The move forced larger losses on bondholders than on shareholders of Credit Suisse,<ref name="ft-bondwipeout" /><ref>{{cite news |first1=William |last1=Langley |first2=Cheng |last2=Leng |first3=Leo |last3=Lewis |first4=Thomas |last4=Hale |date=19 March 2023 |title=Asian bank debt and shares fall after $17bn Credit Suisse bond writedown |url=https://www.ft.com/content/d1d3acd2-af70-4348-b617-406ce11ca259 |newspaper=[[Financial Times]] |access-date=20 March 2023 |archive-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320064001/https://www.ft.com/content/d1d3acd2-af70-4348-b617-406ce11ca259 |url-status=live}}</ref> and was done to placate the international investors unable to vote on the acquisition.{{r|ft-trinity}}

[[President of the Swiss Confederation|President of Switzerland]] [[Alain Berset]], Minister of Finance [[Karin Keller-Sutter]], and Chairman Jordan announced the acquisition in a 19 March 2023 press conference, alongside the chairmen of UBS and CS.<ref name=":3">{{Cite news |last=Allen |first=Matthew |date=19 March 2023 |title=Credit Suisse agrees to CHF3bn takeover by rival Swiss bank UBS |work=[[Swissinfo]] |url=https://www.swissinfo.ch/eng/business/credit-suisse-agrees-to-takeover-by-rival-swiss-bank-ubs/48373120 |access-date=19 March 2023 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201246/https://www.swissinfo.ch/eng/business/credit-suisse-agrees-to-takeover-by-rival-swiss-bank-ubs/48373120 |url-status=live}}</ref><ref name=":4">{{Cite web |date=19 March 2023 |title=Ticker zur Krise bei der Credit Suisse |url=https://www.tagesanzeiger.ch/credit-suisse-krise-boerse-aktien-banken-cs-3-179152145510 |access-date=2023-03-19 |website=[[Der Bund]] |language=de |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319142349/https://www.tagesanzeiger.ch/credit-suisse-krise-boerse-aktien-banken-cs-3-179152145510 |url-status=live}}</ref> The government said that its exposure to risk was low, and considered the acquisition necessary for financial market stability in Switzerland and globally.<ref name=":2" /> Keller-Sutter emphasized that "This is no bailout. This is a commercial solution".{{r|ft-trinity}}

UBS Chairman [[Colm Kelleher]] stated that UBS did not initiate discussions, although he added that the company considered the transaction "financially attractive for UBS shareholders".<ref>{{cite news |last1=Spezzati |first1=Stefania |last2=Murdoch |first2=Scott |last3=Westbrook |first3=Tom |last4=Murdoch |first4=Scott |date=20 March 2023 |title=Credit Suisse takeover, central bank action calm jittery markets |publisher=[[Reuters]] |url=https://www.reuters.com/business/finance/credit-suisse-takeover-central-bank-action-calm-jittery-markets-2023-03-20/ |url-status=live |access-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320032831/https://www.reuters.com/business/finance/credit-suisse-takeover-central-bank-action-calm-jittery-markets-2023-03-20/ |archive-date=20 March 2023}}</ref> He further added that the deal was an "emergency rescue".<ref name=":1"/> {{lang|de|[[Tages-Anzeiger]]}} reported that Credit Suisse's [[Francesca McDonagh]] and UBS's Mike Dargan would lead their respective integration teams tasked with merging the banks.<ref>{{cite news |last=Brouzos |first=Jorgos |date=25 March 2023 |title=Diese beiden führen die Credit Suisse und die UBS zusammen |trans-title=These two would merge Credit Suisse and UBS |url=https://www.tagesanzeiger.ch/diese-beiden-fuehren-die-credit-suisse-und-die-ubs-zusammen-510969106823 |newspaper=[[Tages-Anzeiger]] |url-access=subscription |language=de-ch |archive-url=https://archive.today/20230327052223/https://www.tagesanzeiger.ch/diese-beiden-fuehren-die-credit-suisse-und-die-ubs-zusammen-510969106823 |archive-date=27 March 2023 |url-status=live}}</ref> [[Sergio Ermotti]], who served as CEO of UBS Group from 2011 to 2020, was appointed to lead the Group again, replacing Hamers on 5 April 2023.<ref name=ubs-ceo-2023>{{cite web |last1=Tan |first1=Joanna |last2=Lee |first2=Jihye |date=29 March 2023 |title=UBS names Sergio Ermotti as new Group CEO, following acquisition of Credit Suisse |url=https://www.cnbc.com/2023/03/29/ubs-names-sergio-ermotti-as-its-new-ceo-following-acquisition-of-credit-suisse.html |website=CNBC}}</ref> Kelleher, who was re-elected as chairman, estimated the integration to take up to four years, not including the wind-down of Credit Suisse's investment banking division.<ref>{{cite news |last=Balezou |first=Myriam |date=5 April 2023 |title=UBS Chair Says Credit Suisse Integration Will Take up to 4 Years |url=https://www.bloomberg.com/news/articles/2023-04-05/ubs-chair-says-credit-suisse-integration-will-take-up-to-4-years |work=[[Bloomberg News]] |url-access=limited |archive-url=https://archive.today/20230405083229/https://www.bloomberg.com/news/articles/2023-04-05/ubs-chair-says-credit-suisse-integration-will-take-up-to-4-years |archive-date=5 April 2023 |url-status=live|access-date=7 April 2023}}</ref><ref>{{cite news |last=Illien |first=Noelle |date=5 April 2023 |title=UBS shareholders re-elect Kelleher as Chairman, board members |url=https://www.reuters.com/business/finance/ubs-shareholders-re-elect-kelleher-chairman-board-members-2023-04-05/ |work=[[Reuters]] |archive-url=https://web.archive.org/web/20230406133115/https://www.reuters.com/business/finance/ubs-shareholders-re-elect-kelleher-chairman-board-members-2023-04-05/ |archive-date=6 April 2023 |url-status=live|access-date=7 April 2023}}</ref>

According to [[Bloomberg News]], UBS Group AG is likely to report a profit of as much as CHF51 billion ($57 billion) in the second-2023 quarter related to the negative [[Goodwill (accounting)|goodwill]] generated by the acquisition of Credit Suisse. The Swiss subsidiary of Credit Suisse alone is said to be worth "multiple times" what UBS paid for it. Credit Suisse Group's [[book value]] was CHF54 billion by the end of March 2023.<ref>{{cite web |title=UBS Gears Up for Record Breaking Gain Once Credit Suisse Closes |url=https://www.swissinfo.ch/eng/bloomberg/ubs-gears-up-for-record-breaking-gain-once-credit-suisse-closes/48461246 |website=Swissinfo |access-date=26 April 2023 |language=en |date=26 April 2023}}</ref> Later in April 2023, it was revealed the amount of "negative goodwill" would be $35 billion.<ref>{{cite web |title=UBS set for $35 billion short-term gain from Credit Suisse deal |url=https://www.swissinfo.ch/eng/business/ubs-set-for--35-billion-short-term-gain-from-credit-suisse-deal/48519220 |website=[[Swissinfo|SWI swissinfo.ch]] |access-date=24 May 2023 |language=en |date=17 May 2023}}</ref>

On June 9, 2023, the contract between the Swiss government and UBS was signed whereas the former agreed to pay UBS up to CHF9 billion ($9.9 billion) should the acquisition of Credit Suisse result in a loss for UBS (the first CHF5 billion will be borne by UBS itself according to the agreement).<ref name="SWI567 swissinfo.ch 2023">{{cite web|title=UBS seals state-funded CHF9bn takeover loss guarantee|website=SWI swissinfo.ch|date=2023-06-09|url=https://www.swissinfo.ch/eng/business/ubs-seals-state-funded-chf9bn-takeover-loss-guarantee-/48578954|access-date=2023-06-13}}</ref>

Only two months later, on August 11, 2023, UBS announced that it ended the CHF9 billion backstop with the Swiss government as well as the CHF100 billion "liquidity backstop" with the Swiss National Bank. According to Swiss Finance Minister [[Karin Keller-Sutter]], "Swiss taxpayers no longer bare any risk relating to the rescue of Credit Suisse".<ref name="SWI swissinfo.ch 2023 r885">{{cite web|title=UBS Ends $10 Billion State Backstop That Helped Seal Merger|website=SWI swissinfo.ch|date=2023-08-11|url=https://www.swissinfo.ch/eng/bloomberg/ubs-ends--10-billion-state-backstop-that-helped-seal-merger/48727940|access-date=2023-08-15}}</ref> Less than one month later however, Switzerland was said to introduce a publicly guaranteed "liquidity backstop" for its banks which are "[[too big to fail]]".<ref name="SWI swissinfo.ch 2023 q648">{{cite web|title=Switzerland to introduce public liquidity backstop for big banks|website=SWI swissinfo.ch |date=2023-09-06 |url=https://www.swissinfo.ch/eng/switzerland-to-introduce-public-liquidity-backstop-for-big-banks/48790650|access-date=2023-09-07}}</ref>

===Reactions===
The financial market authorities of the European Union and the United States issued statements in approval of the acquisition.<ref name=":0" /><ref name=":5">{{Cite web |date=19 March 2023 |title=Ende der Credit Suisse – "Eine Schande für die Schweiz" – die ersten Reaktionen |trans-title='A shame for Switzerland' - the first reactions |url=https://www.tagesanzeiger.ch/reaktionen-credit-suisse-uebernahme-ubs-222968491440 |url-status=live |archive-url=https://web.archive.org/web/20230320021906/https://www.tagesanzeiger.ch/reaktionen-credit-suisse-uebernahme-ubs-222968491440 |archive-date=20 March 2023 |access-date=2023-03-19 |website=[[Der Bund]] |language=de}}</ref> Analysts have described the acquisition as a "[[shotgun wedding]]" arranged by the Swiss government.<ref>{{cite news |last1=Bhattarai |first1=Abha |last2=Siegel |first2=Rachel |date=19 March 2023 |title=Swiss banking giants combine to quell growing global bank crisis |newspaper=[[Washington Post]] |url=https://www.washingtonpost.com/business/2023/03/19/ubs-credit-suisse-deal/ |url-status=live |access-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320034909/https://www.washingtonpost.com/business/2023/03/19/ubs-credit-suisse-deal/ |archive-date=20 March 2023}}</ref> Credit Suisse CEO [[Ulrich Körner]] said at the April 2023 shareholders' meeting that "We didn't succeed. We ran out of time. This fills me with sorrow".{{r|jones20230406}}

Noting that Credit Suisse had been facing problems for several years, senior editor for ''[[CNN Business]]'' Allison Morrow stated, "[Silicon Valley Bank and Credit Suisse are] facing unrelated problems that happened to take place at the same time, worrying investors about the banking sector".<ref>{{cite web |author1=B. Wolf |first=Zachary |date=15 March 2023 |title=Banks suffer crisis of coincidence |url=https://edition.cnn.com/2023/03/15/politics/bank-collapse-credit-suisse-what-matters/index.html |url-status=live |archive-url=https://web.archive.org/web/20230317104102/https://edition.cnn.com/2023/03/15/politics/bank-collapse-credit-suisse-what-matters/index.html |archive-date=17 March 2023 |access-date=20 March 2023 |website=[[CNN]]}}</ref> Several former executives told the ''[[Financial Times]]'' that being almost unaffected by the 2008 crisis caused the 2023 collapse after years of decline, as management thought that the bank did not have to change. Two executives that observers mentioned to the newspaper as contributing to the firm's decline were [[Urs Rohner]]—chairman from 2011 to 2021, during which time Credit Suisse stock declined by 75%—and Romeo Cerutti, general counsel for 13 years until 2022.<ref name="ft20230324">{{Cite news |last1=Walker |first1=Owen |last2=Morris |first2=Stephen |date=2023-03-24 |title=Credit Suisse: the rise and fall of the bank that built modern Switzerland |work=Financial Times |url=https://www.ft.com/content/072dd83d-232d-4223-9428-801d4437b4f6 |access-date=2023-03-25}}</ref>

In Swiss politics, Keller-Sutter's center-right [[FDP.The Liberals|Free Democratic Party]] approved of the government's intervention with regret, while the right-wing [[Swiss People's Party]] and the left-wing [[Social Democratic Party of Switzerland]] reacted with anger, denouncing "cronyism" and demanding that those responsible be held to account.<ref name=":5" /> Keller-Sutter said that without the acquisition, Credit Suisse "would not have survived Monday. Without a solution, payment transactions with CS in Switzerland would have been significantly disrupted, possibly even collapsed, wages and bills could no longer be paid ... We should have expected a financial crisis worldwide".<ref name="nzz20230325">{{Cite news |last1=Häberli |first1=Stefan |last2=Schäfer |first2=Fabian |date=2023-03-25 |title=Keller-Sutter zur CS-Rettung: "Dass viele eine Wut im Bauch haben, verstehe ich gut" |language=de-ch |work=Neue Zürcher Zeitung |url=https://www.nzz.ch/schweiz/keller-sutter-zur-cs-rettung-dass-viele-eine-wut-im-bauch-haben-verstehe-ich-gut-ld.1732017 |access-date=2023-03-25}}</ref>

The clause of the [[Swiss Constitution]] that the government used to bypass a shareholders' vote allows emergency action "to counter existing or imminent threats of serious disruption to public order or internal or external security".{{r|bloomberg20230320banana}} Omitting the vote angered Credit Suisse's large investors; the ''Financial Times'' quoted one from the Mideast as saying "You make fun of dictatorships and then you can change the law over the weekend. What's the difference between Saudi Arabia and Switzerland now? It's really bad".{{r|ft-trinity}} CEO Vincent Kaufmann of [[proxy advisor]] Ethos Foundation, which represents up to 5% of Credit Suisse shareholders, said "This situation is a big failure of corporate governance and may send a poor image of Switzerland for international institutional investors in terms of good governance". While stating that litigation would be difficult, he disagreed with Keller-Sutter's "commercial deal" description: "If you change the law and you remove shareholders' voting power on such a key issue, then you clearly have a state intervention. It's unprecedented and an expropriation of shareholder rights".<ref name="bloomberg20230321ethos">{{Cite news |last1=Balezou |first1=Myriam |last2=Miller |first2=Hugo |date=2023-03-21 |title=Credit Suisse Shareholder Says Override of Vote 'Unprecedented' |work=[[Bloomberg.com]] |url=https://www.bloomberg.com/news/articles/2023-03-21/credit-suisse-shareholder-says-override-of-vote-unprecedented |url-status=live |access-date=2023-03-21 |archive-url=https://web.archive.org/web/20230321155524/https://www.bloomberg.com/news/articles/2023-03-21/credit-suisse-shareholder-says-override-of-vote-unprecedented |archive-date=21 March 2023}}</ref> At the April 2023 Credit Suisse shareholders' meeting, Kaufmann described the firm's collapse as "a debacle without precedent".{{r|jones20230406}} Octavio Marenzi of Opimas said "Switzerland's standing as a financial centre is shattered. The country will now be viewed as a financial [[banana republic]]".{{r|meredith20230321}} Peter V. Kunz of the [[University of Bern]] said "Foreign investors may wonder if Switzerland is a banana republic where the rule of law doesn't apply", while Kern Alexander of the [[University of Zurich]] said that the "panicked" transaction "undermined the rule of law and undermined Switzerland".<ref name="bloomberg20230320banana">{{Cite news |last1=Miller |first1=Hugo |last2=Griffiths |first2=Dylan |date=2023-03-20 |title=Credit Suisse's Collapse Reveals Some Ugly Truths About Switzerland for Investors |work=[[Bloomberg.com]] |url=https://www.bloomberg.com/news/articles/2023-03-20/credit-suisse-collapse-reveals-some-ugly-truths-about-switzerland-for-investors |url-status=live |access-date=2023-03-21 |archive-url=https://web.archive.org/web/20230321070015/https://www.bloomberg.com/news/articles/2023-03-20/credit-suisse-collapse-reveals-some-ugly-truths-about-switzerland-for-investors |archive-date=21 March 2023}}</ref> At the April 2023 UBS shareholders' meeting, by contrast, there was a sense that the acquisition might be what the ''Financial Times'' called "the deal of the century", although Kelleher emphasized the transaction's difficulty. Both banks' shareholders noted that UBS's balance sheet will be larger than that of Swiss National Bank.{{r|jones20230406}}

A March 2023-survey by gfs.bern research institute found that 54% of the Swiss disagree with the emergency rescue plan of Credit Suisse by the [[Swiss government]].<ref>{{cite web |last1=Romy |first1=Katy |title=Poll: Swiss unleash anger over Credit Suisse collapse |url=https://www.swissinfo.ch/eng/poll--swiss-unleash-anger-over-credit-suisse-collapse/48389492 |website=SWI swissinfo.ch |access-date=25 March 2023 |language=en |date=24 March 2023}}</ref> Sixty-one percent of them would have preferred the state to nationalize Credit Suisse and sell it later. Four out of five respondents want UBS to spin off Credit Suisse's Swiss operations to avoid too much risk concentration and 77% of the Swiss said they are at loggerheads with the management of Credit Suisse over the debacle.<ref name="16SWI swissinfo.ch 2023">{{cite web |title=Papers warn on UBS takeover of Credit Suisse |url=https://www.swissinfo.ch/eng/business/papers-warn-on-ubs-takeover-of-credit-suisse/48393008 |website=SWI swissinfo.ch |access-date=26 March 2023 |language=en |date=26 March 2023}}</ref>

In April 2023, the Swiss Attorney General's office opened an investigation to analyze and identify whether any criminal offenses by the government officials, regulators and executives at the two banks, had occurred in connection with the acquisition.<ref>{{cite news |last1=Kowsmann |first1=Patricia |title=Swiss Prosecutors Probe State-Backed Credit Suisse Takeover by UBS |url=https://www.wsj.com/articles/swiss-prosecutors-probe-state-backed-credit-suisse-takeover-by-ubs-dceb5bde |access-date=3 April 2023 |work=[[The Wall Street Journal]]}}</ref><ref>{{cite news |last1=Kollewe |first1=Julia |title=Switzerland's attorney general to investigate Credit Suisse takeover |url=https://www.theguardian.com/business/2023/apr/02/switzerlands-attorney-general-to-investigate-credit-suisse-takeover |access-date=3 April 2023 |work=[[The Guardian]] |date=2 April 2023}}</ref> The results of the investigation will be sealed for 50 years, longer than the typical 30 for such inquiries.

====AT1 bonds issue====
Analysts warned that UBS-Credit Suisse deal could extend rather than end the banking crisis, mainly because of the write-off of AT1 bonds worth CHF 16&nbsp;billion. [[AJ Bell]] investment director Russ Mould said: "It means the banking crisis we've seen over the past few weeks has started a new chapter rather than reaching its ending".<ref name="auto">{{Cite news |last=Glover |first=George |date=20 March 2023 |title=Credit Suisse rescue: The biggest winners and losers from UBS's historic deal |work=[[Markets Insider]] |url=https://www.msn.com/en-us/money/savingandinvesting/credit-suisse-rescue-the-biggest-winners-and-losers-from-ubss-historic-deal/ar-AA18QDGq |via=[[MSN]] |access-date=20 March 2023 |archive-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320162632/https://www.msn.com/en-us/money/savingandinvesting/credit-suisse-rescue-the-biggest-winners-and-losers-from-ubss-historic-deal/ar-AA18QDGq |url-status=live}}</ref> AT1 bonds from Credit Suisse and UBS are unusual in their terms allowing for total write-off instead of conversion to equity; most such securities have more protections.{{r|bloomberg20230320banana}} Both the [[Bank of England]] (BoE) and European authorities stated on 20 March that equity would remain subordinated to debt.{{r|meredith20230321}} According to BoE, "clear statutory order" existed for bank resolutions, in that which AT1 holders would be exposed to losses after equity investors.<ref name="FTWipeout">{{cite news |last1=Asgari |first1=Nikou |last2=Agnew |first2=Harriet |last3=Dunkley |first3=Emma |last4=Martin |first4=Katie |title=Credit Suisse bondholders in uproar over $17bn debt wipeout |url=https://www.ft.com/content/07888bca-2ddf-466f-9508-044ac68bb03d |work=[[Financial Times]] |date=20 March 2023 |access-date=20 March 2023 |archive-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320162641/https://www.ft.com/content/07888bca-2ddf-466f-9508-044ac68bb03d |url-status=live}}</ref> Former [[European Central Bank]] (ECB) vice president [[Vítor Constâncio]] said that the Swiss AT1 decision was a "mistake with consequences and potentially a host of court cases",<ref name="meredith20230321">{{Cite news |last=Meredith |first=Sam |date=21 March 2023 |title='A financial banana republic': UBS-Credit Suisse deal puts Switzerland's reputation on the line |publisher=[[CNBC]] |url=https://www.cnbc.com/2023/03/21/ubs-credit-suisse-deal-puts-switzerlands-reputation-on-the-line.html |url-status=live |access-date=21 March 2023 |archive-url=https://web.archive.org/web/20230321195048/https://www.cnbc.com/2023/03/21/ubs-credit-suisse-deal-puts-switzerlands-reputation-on-the-line.html |archive-date=21 March 2023}}</ref> and Jacob Kirkegaard of the [[Peterson Institute]] said "A lot of lawsuits will be coming from this, which will highlight the erratic and selfish behavior of Swiss authorities in this saga".{{r|bloomberg20230320banana}} {{as of|2023|03|21}} the AT1 bonds traded for a few cents on the dollar, implying that investors still see value in them through litigation.<ref name="bloomberg20230320at1">{{Cite news |last1=Hudson |first1=Erin |last2=Morpurgo |first2=Giulia |last3=Butt |first3=Rachel |date=2023-03-20 |title=JPMorgan, BNP Quote Risky Credit Suisse Bonds At Just Above Zero |work=[[Bloomberg.com]] |url=https://www.bloomberg.com/news/articles/2023-03-20/jpmorgan-bnp-quote-risky-credit-suisse-bonds-at-just-above-zero |url-status=live |access-date=2023-03-21 |archive-url=https://web.archive.org/web/20230321195115/https://www.bloomberg.com/news/articles/2023-03-20/jpmorgan-bnp-quote-risky-credit-suisse-bonds-at-just-above-zero |archive-date=21 March 2023}}</ref>

Swiss financial regulator [[FINMA]] has however stated that the write down "complied with contractual obligations". Moreover, these bonds provide that they will be completely written down in a "Viability Event", in particular if extraordinary government support is granted.<ref>{{cite web |title=Swiss financial regulator defends write down of Credit Suisse AT1 bonds |url=https://www.swissinfo.ch/eng/swiss-financial-regulator-defends-write-down-of-credit-suisse-at1-bonds/48385266 |website=SWI swissinfo.ch |access-date=23 March 2023 |date=23 March 2023}}</ref>

Despite having similar terms to Credit Suisse's AT1 bonds, its $2.5 billion in Tier 2 bonds were not written off. [[FT Alphaville]] wrote "The best/funniest argument we've heard is that they just forgot about this issue, and by the time someone realised it was best to just pretend this was all deliberate".<ref name="wigglesworth20230324">{{Cite news |last=Wigglesworth |first=Robin |date=2023-03-24 |title=The Great T2 Escape |work=Financial Times |url=https://www.ft.com/content/2489416d-0131-4434-927d-a4b57b987d8d |access-date=2023-03-25}}</ref>

====Sale price issue====
Because the emergency takeover on March 19 reduced the value of individual Credit Suisse shares from CHF1.86 on March 17 to CHF0.76 two days later, when the agreement was reached, shareholders claim  in court that the bank should have been sold at much higher price (anywhere between CHF7.3 billion to CHF35 billion).
<ref name="SWI555 swissinfo.ch 2023">{{cite web |title=Credit Suisse shareholders sue for takeover losses |url=https://www.swissinfo.ch/eng/business/credit-suisse-shareholders-sue-for-takeover-losses/48547450 |website=SWI swissinfo.ch |access-date=1 June 2023 |language=en |date=28 May 2023}}</ref>

====Lawsuits====
As of October 2023, there were $9 billion worth of claims pending in US and Swiss courts, mostly relating to the AT1 bonds write-off issue.<ref name="Walker Wiggins Ruehl 2023 h359">{{cite web|last=Walker|first=Owen|last2=Wiggins|first2=Kaye|last3=Ruehl|first3=Mercedes|title=How UBS's $3.3 billion Credit Suisse deal spawned $9 billion of legal claims|website=SWI swissinfo.ch|date=2023-10-10|url=https://www.swissinfo.ch/eng/how-ubs-s--3.3-billion-credit-suisse-deal-spawned--9-billion-of-legal-claims/48876882 |agency=The Financial Times |access-date=2023-10-11 |url-status=live |archive-url=https://web.archive.org/web/20231124034523/https://www.swissinfo.ch/eng/how-ubs-s--3.3-billion-credit-suisse-deal-spawned--9-billion-of-legal-claims/48876882 |archive-date= Nov 24, 2023 }}</ref> Regarding the claims in international arbitration, Dr. iur. Alexander Lindemann, Founder of Zurich-based [[Lindemannlaw]] firm, observed: "Due to the more than 110 [Swiss bilateral] investment protection agreements and the five-year limitation period in [the Swiss] expropriation law, arbitration courts will be dealing with this issue until at least 2028."<ref>{{Cite news |last=Rauch |first=Raphael |date=16 June 2024 |title=Bananenrepublik Schweiz? CS-Anleger wollen Seco-Chefin vor Gericht bringen |trans-title=Banana Republic Switzerland? CS investors want to bring Seco chief to court. |url=https://www.blick.ch/wirtschaft/bananenrepublik-schweiz-cs-anleger-wollen-seco-chefin-vor-gericht-bringen-id19847895.html |access-date=5 August 2024 |work=SonntagsBlick |pages=28–29}}</ref> 

==Impact==
UBS's Kelleher said that the deal would take a few weeks to close, and that UBS intends to engage in "de-risking" the "tricky businesses" run by Credit Suisse.<ref>{{cite news |last1=Halftermeyer |first1=Marion |last2=Balezou |first2=Myriam |date=19 March 2023 |title=UBS Vows to Shrink 'Tricky' Credit Suisse Investment Bank |work=[[Bloomberg.com]] |url=https://www.bloomberg.com/news/articles/2023-03-19/ubs-s-chairman-vows-to-shrink-credit-suisse-s-investment-bank |url-access=subscription |access-date=19 March 2023}}</ref> He said that Credit Suisse would continue to operate as normal until the closing of the merger, and that nothing could yet be said about the merger's impact on Credit Suisse's employees.<ref name=":4" /> As part of the deal, UBS will wind down Credit Suisse's investment bank.<ref>{{cite news |last1=Spezzati |first1=Stefania |last2=Hirt |first2=Oliver |last3=O'Donnell |first3=John |date=19 March 2023 |title=Central banks try to calm markets after UBS deal to buy Credit Suisse |publisher=[[Reuters]] |url=https://www.reuters.com/business/crunch-time-credit-suisse-talks-ubs-seeks-swiss-assurances-2023-03-19/ |url-status=live |access-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320004831/https://www.reuters.com/business/crunch-time-credit-suisse-talks-ubs-seeks-swiss-assurances-2023-03-19/ |archive-date=20 March 2023}}</ref>

Credit Suisse's largest shareholders, including SNB (9.9% stake) and sovereign wealth funds Qatar Investment Authority (6.8% stake) and [[Norges Bank Investment Management]], are expected to take significant losses from the acquisition.<ref name="auto"/><ref>{{cite news |last=Goldstein |first=Steve |date=19 March 2023 |title=Saudis, Qataris and Norway to see big losses on UBS deal for Credit Suisse |language=en-US |work=[[MarketWatch]] |url=https://www.marketwatch.com/story/saudis-qataris-and-norway-to-see-big-losses-on-ubs-deal-for-credit-suisse-2bd0fa29 |url-status=live |access-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320044950/https://www.marketwatch.com/story/saudis-qataris-and-norway-to-see-big-losses-on-ubs-deal-for-credit-suisse-2bd0fa29 |archive-date=20 March 2023}}</ref>

Other Swiss banks hoped to replace Credit Suisse as the country's second-largest. [[Zurich Cantonal Bank]] CEO Urs Baumann said that his firm "offers all business areas of a [[universal bank]] and is thus a complement to the newly emerging big bank".<ref name="reuters20230320">{{cite news |last1=Sims |first1=Tom |last2=Revill |first2=John |date=20 March 2023 |title=Switzerland wakes to new era after historic bank merger; employees 'shocked' |publisher=[[Reuters]] |url=https://www.reuters.com/business/finance/switzerland-wakes-new-era-after-historic-bank-merger-employees-shocked-2023-03-20/ |url-status=live |access-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320105016/https://www.reuters.com/business/finance/switzerland-wakes-new-era-after-historic-bank-merger-employees-shocked-2023-03-20/ |archive-date=20 March 2023}}</ref> The stock of [[Julius Baer Group]], which became the country's second-largest bank by assets after Credit Suisse's collapse, rose by 13% during the week after the UBS acquisition.<ref name="jones20230324">{{Cite news |last=Jones |first=Sam |date=2023-03-25 |title=A very Swiss identity crisis |work=Financial Times |url=https://www.ft.com/content/e74c0556-5e60-4ab2-9876-7ac687b1d021 |access-date=2023-03-25}}</ref>

The takeover resulted in $17&nbsp;billion of Credit Suisse-issued [[Contingent convertible bond|AT1 bonds]] being written off as worthless, which undermined the [[Credit risk|creditworthiness]] of the newly acquired bank. [[Property right]]s have also been described by shareholders as weakened in Switzerland because the transaction bypassed any shareholders' statutory approval.<ref>{{cite news |last=Allen |first=Matthew |date=20 March 2023 |title=Credit Suisse collapse: consequences and open questions |work=[[Swissinfo]] |url=https://www.swissinfo.ch/eng/credit-suisse-collapse--consequences-and-open-questions/48375346 |access-date=20 March 2023 |archive-date=20 March 2023 |archive-url=https://web.archive.org/web/20230320133340/https://www.swissinfo.ch/eng/credit-suisse-collapse--consequences-and-open-questions/48375346 |url-status=live}}</ref> A bond selloff resulting from AT1 bond wipeout prompted UBS to buy back €2.75{{nbsp}}billion worth of bonds that it issued days prior to the acquisition announcement, compensating its investors in a bid to stabilize the markets.<ref>{{cite news |last1=Bahceli |first1=Yoruk |last2=Sharma |first2=Akriti |date=March 22, 2023 |title=UBS buys back bonds days after issue to buoy investor confidence |url=https://www.reuters.com/markets/ubs-buys-back-nearly-3-bln-bonds-issued-under-week-ago-2023-03-22/ |publisher=[[Reuters]] |archive-url=https://web.archive.org/web/20230324000520/https://www.reuters.com/markets/ubs-buys-back-nearly-3-bln-bonds-issued-under-week-ago-2023-03-22/ |archive-date=March 24, 2023 |url-status=live}}</ref><ref>{{cite news |last1=McCabe |first1=Caitlin |date=March 22, 2023 |title=UBS Offers to Buy Back Nearly $3 Billion of Bonds Sold Just Before Credit Suisse Deal |url=https://www.wsj.com/livecoverage/federal-reserve-meeting-interest-rate-march-2023/card/ubs-offers-to-buy-back-nearly-3-billion-of-bonds-sold-just-before-credit-suisse-deal-boTUJmZQpYvf1H8Evavx |newspaper=[[The Wall Street Journal]] |archive-url=https://archive.today/20230323005226/https://www.wsj.com/livecoverage/federal-reserve-meeting-interest-rate-march-2023/card/ubs-offers-to-buy-back-nearly-3-billion-of-bonds-sold-just-before-credit-suisse-deal-boTUJmZQpYvf1H8Evavx |archive-date=March 23, 2023 |url-status=live}}</ref>

[[Bank of America]] asked its traders and hedge fund clients to stop dispatching trades to Credit Suisse's [[dark pool]]s as a precautionary measure following the acquisition, according to Reuters.<ref>{{cite news |first1=Nell |last1=Mackenzie |first2=Lananh |last2=Nguyen |date=March 20, 2023 |title=Bank of America halts trading with Credit Suisse electronic stocks desk -email |url=https://www.reuters.com/markets/bank-america-halts-trading-with-credit-suisse-electronic-stocks-desk-email-2023-03-20/ |publisher=[[Reuters]] |archive-url=https://web.archive.org/web/20230322075939/https://www.reuters.com/markets/bank-america-halts-trading-with-credit-suisse-electronic-stocks-desk-email-2023-03-20/ |archive-date=March 22, 2023 |url-status=live}}</ref>

According to BAK Economics, a Swiss economic research and consulting institute, 9,500 to 12,000 jobs are threatened in Switzerland, with job losses in [[Canton of Zürich|Zurich]] estimated at between 6,500 and 8,000 [[Full-time equivalent|FTEs]].<ref>{{cite web |date=20 March 2023 |title=Rachat de Credit Suisse: 9500 à 12.000 postes sont menacés en Suisse |trans-title=Takeover of Credit Suisse: 9,500 to 12,000 jobs are threatened in Switzerland |url=https://agefi.com/actualites/entreprises/le-rachat-de-credit-suisse-naura-pas-dimpact-sur-la-saudi-national-bank |access-date=20 March 2023 |website=Agefi |language=fr |archive-date=21 March 2023 |archive-url=https://web.archive.org/web/20230321195053/https://agefi.com/actualites/entreprises/le-rachat-de-credit-suisse-naura-pas-dimpact-sur-la-saudi-national-bank |url-status=live}}</ref> The acquisition will most likely affect mid- and back-office operational jobs, plus legal, compliance, marketing, human resources, and regional positions; some UBS and Credit Suisse bank branches are next to each other. Although UBS employees are likely safer, Credit Suisse was stronger in some areas, such as domestic corporate banking. UBS will be less likely to raise salaries because employees can no longer leave for Credit Suisse.{{r|ferber20230320}} According to {{lang|de|Tages-Anzeiger}}, the job cuts are expected to affect 20–30 percent of the combined workforce, or up to 30,000 jobs.<ref>{{cite news |last=Rutishauser |first=Arthur |date=April 1, 2023 |title=Bei UBS und CS sind bis zu 30'000 Stellen in Gefahr |trans-title=Up to 30,000 jobs are at risk at UBS and CS |url=http://tagesanzeiger.ch/bei-ubs-und-cs-sind-bis-zu-30000-stellen-in-gefahr-450952436168 |newspaper=[[Tages-Anzeiger]] |url-access=subscription |archive-url=https://archive.today/20230402091122/https://www.tagesanzeiger.ch/bei-ubs-und-cs-sind-bis-zu-30000-stellen-in-gefahr-450952436168 |archive-date=April 2, 2023 |url-status=live}}</ref> In August 2023, UBS declared that job losses in Switzerland would be 3,000 moving forward (UBS reported that 8,000 employees at CS have already left since 2023).<ref name="SWI swissinfo.ch 2023 j058">{{cite web|title=UBS to cut 3,000 staff in Switzerland as it integrates rival|website=SWI swissinfo.ch|date=2023-08-31|url=https://www.swissinfo.ch/eng/ubs-to-cut-3-000-staff-in-switzerland-as-it-integrates-rival/48775198|access-date=2023-08-31}}</ref><ref name="Clarke 2023 y480">{{cite web|last=Clarke|first=Paul|title=Credit Suisse saw 8,000 employees depart in the first half of 2023|website=Financial News London|date=2023-08-31|url=https://www.fnlondon.com/articles/credit-suisse-saw-8000-employees-depart-in-the-first-half-of-2023-20230831|access-date=2023-08-31}}</ref>

Based on state guarantees, if there were a bankruptcy of the merged entity, every person in Switzerland would be liable for up to CHF 12,500 ($13,500).<ref name="SWI swissinfo.ch 2023">{{cite web |date=21 March 2023 |title=Swiss Are On the Hook for $13,500 Each on Credit Suisse Bailout |url=https://www.swissinfo.ch/eng/bloomberg/swiss-are-on-the-hook-for--13-500-each-on-credit-suisse-bailout/48378544 |url-status=live |archive-url=https://web.archive.org/web/20230321195054/https://www.swissinfo.ch/eng/bloomberg/swiss-are-on-the-hook-for--13-500-each-on-credit-suisse-bailout/48378544 |archive-date=21 March 2023 |access-date=21 March 2023 |website=[[Swissinfo]] |via=[[Bloomberg.com]]}}</ref>

SNB's Al Khudairy resigned a week after the acquisition, citing personal reasons. A banker in Saudi Arabia told the ''Financial Times'' that "The issue of the chairman's statement did not go unnoticed amongst the senior decision makers".<ref name="kerr20230327">{{Cite news |last=Kerr |first=Simeon |date=2023-03-27 |title=Saudi National Bank chair resigns following Credit Suisse comments |work=Financial Times |url=https://www.ft.com/content/6b715de9-840c-40dc-bd15-beaa6e673044 |access-date=2023-03-27}}</ref> Another said that he "was a victim of giving his honest opinion at such a tense time for Credit Suisse. In hindsight ... his answer was the right course of action".<ref name="bloomberg20230327">{{Cite news |last1=Martin |first1=Matthew |last2=Parasie |first2=Nicolas |date=2023-03-27 |title=Saudi National Bank Chair Resigns After Credit Suisse Remark |language=en |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2023-03-27/saudi-national-bank-chairman-resigns-after-credit-suisse-comment |access-date=2023-03-27}}</ref>

According to the ''[[SonntagsZeitung]]'', "a handful of Credit Suisse executives were handed hundreds of millions of francs in opaque profit-sharing deals in the years leading up to the bank's collapse". It was also reported that [[Brady Dougan]], Credit Suisse's former CEO, earned CHF71 million in bonuses after the [[2008 financial crisis]] which saw the bank's shares plummet. Swiss Parliament is also considering reforms that would curb excessive bonuses for banks that are deemed "[[too big to fail]]".<ref>{{cite web |title=Credit Suisse bosses 'enriched themselves with massive bonuses' |url=https://www.swissinfo.ch/eng/business/credit-suisse-bosses--enriched-themselves-with-massive-bonuses-/48493486 |website=[[Swissinfo]] |access-date=8 May 2023 |language=en |date=7 May 2023}}</ref>

On June 14, 2023, Switzerland formed a parliamentary commission to probe the collapse of Credit Suisse.<ref>{{cite web|title=Parliament names 14-head commission to probe Credit Suisse crash|website=Swissinfo|date=2023-06-14|url=https://www.swissinfo.ch/eng/politics/swiss-parliament-names-14-member-commission-to-probe-credit-suisse-crash/48590702|access-date=2023-06-16}}</ref> In December 2024, the commission said CS had mismanaged its finances which led to its collapse, but found no mistake by the Swiss authorities themselves, in its report (but many "shortcomings", including by the [[Swiss National Bank]] and [[FINMA]]).<ref name="h838">{{cite web | author=SWI swissinfo.ch | title=Parliamentary inquiry on Credit Suisse collapse blames mismanagement | website=SWI swissinfo.ch | date=2024-12-20 | url=https://www.swissinfo.ch/eng/banking-fintech/cs-crisis-cep-points-to-shortcomings-on-the-part-of-the-federal-authorities/88619671 | access-date=2025-02-13}}</ref> In 2025, the [[Swiss government]] proposed to increase the capital requirement for UBS. Namely, by requiring 100% capital backing for its subsidiaries abroad.<ref name="g358">{{cite web | author=SWI swissinfo.ch | title=Swiss Probe of Credit Suisse Nears With UBS Capital at Stake | website=SWI swissinfo.ch | date=2024-12-09 | url=https://www.swissinfo.ch/eng/swiss-probe-of-credit-suisse-nears-with-ubs-capital-at-stake/88552247 | access-date=2025-06-15}}</ref> These new measures still need to be approved by the [[Swiss parliament]] and are subject to [[Swiss referendum|referendum]].<ref name="j883">{{cite web | author=SWI swissinfo.ch | title=UBS Slams ‘Extreme’ $26 Billion Capital Demand in Swiss Proposal | website=SWI swissinfo.ch | date=2025-06-06 | url=https://www.swissinfo.ch/eng/ubs-slams-extreme-%2426-billion-capital-demand-in-swiss-proposal/89476033 | access-date=2025-06-15}}</ref>

According to [[Citigroup]], the new bank will account for 35% of domestic deposits, 31% of corporate loans and 26% of mortgages in Switzerland.<ref name="SWI swissinfo.ch 2023 j058"/> UBS will keep the Swiss business of Credit Suisse but will retire its brand. UBS says it plans to cut costs by $10 billion. UBS also announced at the end of August 2023 that money outflows have stopped at Credit Suisse.<ref name="SWI swissinfo.ch 2023 j058"/> UBS announced a record profit of nearly $30 billion in the second quarter of 2023 following the acquisition of Credit Suisse.<ref name="Tribune de Genève 2023 i161">{{cite web|title=Fusion de grandes banques – UBS annonce 3000 postes supprimés chez Credit Suisse|website=Tribune de Genève|date=2023-08-31|url=https://www.tdg.ch/fusion-de-grandes-banques-ubs-annonce-l-integration-finale-de-credit-suisse-355684264343|language=fr|access-date=2023-08-31}}</ref>

==See also==
*[[Banking in Switzerland]]

==References==
{{reflist}}

{{Credit Suisse}}

[[Category:2023 mergers and acquisitions]]
[[Category:Credit Suisse]]
[[Category:Financial markets]]
[[Category:March 2023 in Switzerland]]
[[Category:Mergers and acquisitions of Swiss companies]]
[[Category:UBS acquisitions]]