Who Owns Credit Suisse?
Credit Suisse is owned by UBS, which acquired the bank in March 2023.
The Acquisition of Credit Suisse by UBS
On March 19, 2023, fellow Swiss banking group UBS agreed to purchase Credit Suisse for more than US$3 billion. This significant acquisition brought Credit Suisse under the ownership of UBS, forming a new, larger entity in the global financial landscape.
The acquisition was a pivotal moment for the Swiss banking sector and global financial stability. According to the Swiss National Bank (SNB), the purchase of Credit Suisse by UBS was crucial in reportedly averting a greater crisis. This move aimed to stabilize financial markets and prevent potential contagion from Credit Suisse's financial difficulties.
Here are the key details of the acquisition:
| Detail | Information |
|---|---|
| Acquiring Entity | UBS |
| Acquired Entity | Credit Suisse |
| Agreement Date | March 19, 2023 |
| Acquisition Value | Over US$3 billion |
| Significance | Reportedly averted a greater financial crisis |
The integration of Credit Suisse into UBS marks a major restructuring in the Swiss banking industry, consolidating two of the country's largest financial institutions.
