Swiss Officials , Reach Emergency Deal , to Save Credit Suisse.<br />On March 19, Swiss officials announced <br />a last-minute deal for an emergency takeover of <br />the troubled Credit Suisse by fellow banking titan UBS.<br />On March 19, Swiss officials announced <br />a last-minute deal for an emergency takeover of <br />the troubled Credit Suisse by fellow banking titan UBS.<br />NPR reports that Swiss president Alain Berset <br />announced the deal, claiming it was critical <br />for stabilizing the global banking sector.<br />NPR reports that Swiss president Alain Berset <br />announced the deal, claiming it was critical <br />for stabilizing the global banking sector.<br />According to the deal, UBS Group AG <br />will make an all stock purchase <br />of $3 billion for Credit Suisse.<br />According to the deal, UBS Group AG <br />will make an all stock purchase <br />of $3 billion for Credit Suisse.<br />As an additional bonus to the deal, <br />the Swiss central bank will also reportedly <br />give UBS an extra $100 billion. .<br />NPR reports that the last-minute emergency takeover <br />of Credit Suisse comes as the latest evidence <br />of ongoing banking troubles that began with , the collapse of Silicon Valley Bank. .<br />NPR reports that the last-minute emergency takeover <br />of Credit Suisse comes as the latest evidence <br />of ongoing banking troubles that began with , the collapse of Silicon Valley Bank. .<br />Prior to the latest deal being reached, <br />the Swiss central bank had attempted to save <br />Credit Suisse with a $54 billion lifeline loan. .<br />Prior to the latest deal being reached, <br />the Swiss central bank had attempted to save <br />Credit Suisse with a $54 billion lifeline loan. .<br />However, the sizable loan <br />was not enough to stabilize <br />the faltering financial institution.<br />NPR reports that the most worrisome aspects of <br />Credit Suisse's recent troubles is that the bank is <br />known as a "global systemically important bank.".<br />According to NPR, this means that the potential <br />failure of Credit Suisse has the ability to send <br />shockwaves throughout the global economy. .<br />Before becoming one of the most significant banks in <br />the world, Credit Suisse was formed to help finance <br />Switzerland's burgeoning rail network 166 years ago. .<br />Before becoming one of the most significant banks in <br />the world, Credit Suisse was formed to help finance <br />Switzerland's burgeoning rail network 166 years ago.
