Several sources on March 19 claim that UBS Group has agreed to pay $3.2 billion to acquire the troubled European bank Credit Suisse.
UBS Will Purchase Credit Suisse
The agreement was announced in the evening, based to news sources from the Associated Press. To avoid a financial disaster, the government mediated the agreement.
Over the course of the day, the deal's worth grew. For only $1 billion, UBS Group first offered to purchase Credit Suisse. #UBS Group later increased their offer, and even though Berset first withheld the deal's value, numerous sources put it at $2 billion.
8 o'clock p.m. The deal, based on the Associated Press and UTC, is worth $3.2 billion. In line with the most recent information, the Swiss National Bank will give UBS Group access to $162 billion in liquidity, an increase from the $54 billion previously indicated.
Prior to the sale, Credit Suisse faced distinct problems. A new set of problems emerged on March 14 after managers revealed "significant deficiencies" in the bank's financial reporting controls, despite the corporation having long-running scandals.
Credit Suisse stock (CHF) is currently valued at $1.86, a decrease of 32.85% over the past month as a result of worries surrounding the company.
The Crypto Proposal By Justin Sun
#JustinSun who is well-known for his leadership at Huobi and his previous position as CEO of TRON, made an earlier-in-the-day offer to purchase #CreditSuisse for $1.5 billion.
On March 19, Sun posted a series of tweets:
"I would like to propose my own offer of $1.5 billion to acquire Credit Suisse and integrate it into the Web3.0 world. Switzerland has been one of the most crypto-friendly countries in the world."
In his letter, Sun criticized UBS's initial offer as "falling short" and outlined his own ideas for integrating #Cryptocurrencies and #blockchain technologies with Credit Suisse. In terms of regulation, he pointed out that Switzerland is one of the world's most crypto-friendly nations.
It's unclear if Credit Suisse and the Swiss government gave Sun's proposal any thought.
Fortune claims that the nation believed nationalization to be the only viable alternative to the UBS agreement, indicating that Sun's offer was not given any thought.