The crypto-friendly bank UBS Group AG is purportedly making an offer to purchase the global investment bank Credit Suisse with an increased offer of $3.2 billion dollars.
After a drop in its shares and bonds raised concerns about a global banking crisis, the Swiss central bank gave Credit Suisse a $54 billion reprieve on Thursday. Analysts said that may not be enough.
UBS: A White Knight for Crypto?
The approach from UBS comes after BlackRock rejected that there was a deal in the works to save Credit Suisse. UBS is proposing a price of SFr0.25 per share to be paid in UBS stock. This is a significant discount to the price at which UBS stock closed on Friday, March 17 (SFr1.86).
Swiss authorities are looking into changing the laws of their country. In order to circumvent the vote of UBS shareholders on the proposed transaction as they rush to finalize the transaction.
The agreement between the two major financial institutions is…
