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UBS is buying Credit Suisse in bid to halt banking crisis
London CNN — Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. “UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement Sunday. It said the rescue would “secure financial stability and protect the Swiss economy.” UBS is paying 3 billion Swiss francs ($3.25 billion) for Credit Suisse, about 60{9f99fe44fce1aa3c813d0a0ce4da2fbea8a5a58e9d85c4a2927dd8140cb676b5} less than the bank was worth when markets closed on Friday. Credit Suisse shareholders will be largely wiped out, receiving the equivalent of just 0.76 Swiss francs in…
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Analysis: Mexico miner Grupo Mexico’s bid for Citigroup unit faces skepticism
MEXICO Metropolis, Feb 7 – Mining-targeted conglomerate Grupo Mexico (GMEXICOB.MX) is shifting closer to getting Citigroup Inc’s (C.N) Mexican shopper banking unit but faces an uphill route in promoting the offer to skeptical buyers. Grupo Mexico, headed by billionaire German Larrea, is amid the very last candidates continue to standing in Citi’s calendar year-extended journey to sell its retail unit, known as Banamex, and has positioned a bid of up to $8 billion for it, Reuters described earlier this month. But some analysts, shareholders and even Grupo Mexico executives have however to be convinced of the deal’s industrial logic. A Grupo Mexico executive, who spoke on situation of anonymity, explained…
/cloudfront-us-east-2.images.arcpublishing.com/reuters/M4BX5VPW4JJ3ZJH6Z2Z25EHRT4.jpg "Analysis: Mexico miner Grupo Mexico’s bid for Citigroup unit faces skepticism")
