Sources say UBS is close to finalizing a deal to acquire Credit Suisse, as Swiss and global authorities work to mitigate contagion from the banking sector and restore confidence in the financial system. The agreement could be concluded as early as Sunday.
THE Swiss National Bank
Swiss National Bank
The Swiss National Bank (SNB) is the central banking authority of Switzerland. It represents the monetary policy of the country as an independent central bank and acts in accordance with the interests of the country as a whole. The main objective of the SNB is to ensure price stability, while taking due account of economic developments. By doing so, the central bank creates an environment conducive to economic growth. One of the main functions of the bank is to ensure and implement monetary policy. The N
The Swiss National Bank (SNB) is the central banking authority of Switzerland. It represents the monetary policy of the country as an independent central bank and acts in accordance with the interests of the country as a whole. The main objective of the SNB is to ensure price stability, while taking due account of economic developments. By doing so, the central bank creates an environment conducive to economic growth. One of the main functions of the bank is to ensure and implement monetary policy. The N
Read this term (BNS) provided a $50 billion lifeline earlier this week, although Credit Suisse’s share price, after a brief rally, fell again. US stocks closed Friday at $2.01, marking a 24.44% decline for the week, with the lowest price for the week at $1.75.
Meanwhile, in the US, Silicon Valley Bank has filed for Chapter 11 bankruptcy
Bankruptcy
Bankruptcy or insolvency is a legal designation occurring when a business or entity is unable to repay its debts. Although primarily associated with business, individuals can also declare bankruptcy. Individuals or businesses can voluntarily declare bankruptcy, involving court filings on their own. This differs from involuntary bankruptcy in which debtors force individuals or businesses into bankruptcy by filing a petition with the courts. Bankruptcy can only occur with a court filing. To note,
Bankruptcy or insolvency is a legal designation occurring when a business or entity is unable to repay its debts. Although primarily associated with business, individuals can also declare bankruptcy. Individuals or businesses can voluntarily declare bankruptcy, involving court filings on their own. This differs from involuntary bankruptcy in which debtors force individuals or businesses into bankruptcy by filing a petition with the courts. Bankruptcy can only occur with a court filing. To note,
Read this term on Friday, a week after regulators closed the bank and guaranteed all depositors’ funds. Signature Bank was also shut down by regulators last weekend, after losing billions in withdrawals due to contagion from the collapse of Silicon Valley Bank.
Hedge fund manager Bill Ackman tweeted on Friday:
Bill Ackman interesting tweet
A source familiar with the matter denied BofA’s interest in Signature.
First Republic’s share price continued its downward trend on Friday, despite a consortium of banks depositing $30 billion in the bank a day earlier. After hitting a low of $17.53 on Wednesday, the stock rebounded to a high of $40 on Thursday. However, it reversed course on Friday, closing at $23.03, a decline of 14.07%. In after-hours trading, the price slid further to a low of $19.49. Moody’s downgrades First Republic Bank from Baa1 to B2.
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