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Post: Credit Suisse pulls out of UBS deal, media writes

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Bloomberg: Credit Suisse turns down $1 billion deal for UBS

MOSCOW, March 19 – RIA Novosti. Credit Suisse is opposing the $1 billion offer from Switzerland’s largest bank, UBS, the agency reported. Bloomberg with reference to sources.

Earlier, the Financial Times reported, citing sources, that Switzerland’s largest bank UBS is discussing the acquisition of Credit Suisse. According to him, behind the organization of the negotiations are the Swiss National Bank and financial regulator FINMA, which are trying to strengthen confidence in the country’s banking sector. It was also noted that UBS offered to buy Credit Suisse for 1 billion dollars.

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“Credit Suisse, with a market cap of $8 billion on Friday, believes the proposed amount is too small and will hurt shareholders and employees,” the agency said in a statement.

Shares of Credit Suisse fell by a quarter on Wednesday. Earlier, financial commentator Robert Kiyosaki (who correctly predicted that American banking giant Lehman Brothers would go bankrupt in 2008) said that Credit Suisse would be the next bank to fail after the bankruptcy of the Silicon Valley Bank of America (SVB). The bank also announced that it would borrow up to 50 billion Swiss francs (about 53.7 billion dollars) from the Central Bank.

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Source: Ria

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