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On 19 March 2023, Swiss bank UBS Group AG agreed to buy Credit Suisse for CHF 3 billion (US$3.2 billion) in an all-stock deal brokered by the government of Switzerland and the Swiss Financial Market Supervisory Authority.
Following several years of scandals, Switzerland's Credit Suisse bank collapsed in March 2023. It was purchased by Swiss rival UBS for about $3.3 billion in a deal approved by Swiss regulators without shareholder approval.
It is known for strict bank?client confidentiality and banking secrecy. The Financial Stability Board considers it to be a global systemically important bank.
Credit Suisse's failings included a criminal conviction for allowing drug dealers to launder money in Bulgaria, entanglement in a Mozambique corruption case, a spying scandal involving a former employee and an executive and a massive leak of client data to the media.
Credit Suisse Group AG has now been acquired by UBS Group AG, creating a new consolidated banking group. This marks a historic moment for UBS, Credit Suisse and the entire banking industry, and the beginning of a promising future together. Both banks have always placed clients at the center of everything they do.
A key competitive advantage of Credit Suisse is our ability to bring together all the resources of the bank for our clients ? combining our key strengths in wealth management with our leading capabilities in corporate finance, equities, fixed income and asset management ? to deliver a compelling proposition for clients ...
Credit Suisse is one of the biggest financial institutions in the world. It is categorized by the Financial Stability Board, an international body that monitors the financial system, as a ?global systemically important bank,? along with just 30 others, including JPMorgan Chase, Bank of America and the Bank of China.