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UBS, Switzerland’s largest bank, agrees to buy crisis-hit Credit Suisse in historic deal

Chairman Axel Lehmann said the merger represents the “best result available”.

Bern, Switzerland:

UBS will take over rival Swiss bank Credit Suisse for “a merger consideration of three billion Swiss francs” ($3.24 billion), Credit Suisse said in a statement on Sunday after intense talks in Bern .

“All Credit Suisse shareholders will receive one share of UBS for every 22.48 shares of Credit Suisse in consideration for the merger. This exchange ratio reflects a merger consideration of three billion Swiss francs for all shares of Credit Suisse “, said the bank in difficulty, with the president Axel. Lehmann added, “Given the recent extraordinary and unprecedented circumstances, the announced merger represents the best outcome available.”

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