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Saturday, April 1, 2023

UBS seals Credit Suisse takeover in bid to calm markets

In what is being described as the “merger of the century”, UBS Group sealed a deal to buy Swiss bank Credit Suisse in a historic, government-brokered deal, to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. The deal, aimed at containing a crisis of confidence that threatened to spread across global financial markets, came after a hectic day of negotiations between the two lenders.

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