UBS to Acquire Credit Suisse; Swiss Government

According to the statement, the merger will produce a company with more than $5 trillion in accumulated assets and long-term growth potential. The Swiss government has officially declared that UBS, another Swiss financial institution, will acquire Credit Suisse.

The Xinhua news agency cited the government as saying that Friday's liquidity outflows and market volatility proved it was no longer possible to restore the required confidence and that a swift and stabilizing solution was necessary.

The government said on Sunday that UBS's takeover of Credit Suisse was the best solution to restoring confidence in the financial markets and the best way to manage risk for the nation and its citizens.

According to a statement released by UBS on Sunday, shareholders of Credit Suisse will receive 0.76 per share in cash and a share of UBS for every 22.48 Credit Suisse shares they own as part of the all-share deal, for a total consideration of 3 billion Swiss francs.

According to the statement, the merger will produce a company with more than $5 trillion in accumulated assets and long-term growth potential.

In a statement released on Sunday, the Swiss National Bank (SNB) said it would provide significant liquidity assistance to back UBS's takeover of Credit Suisse.

The statement said that the SNB, Swiss Federal Government, and Swiss Financial Market Supervisory Authority (FINMA) all provided backing for the takeover.

The statement said that the answer to safeguard financial stability and protect the Swiss economy in this extraordinary situation was the takeover of Credit Suisse by UBS.

According to the statement, both banks have unrestricted use of the SNB's current facilities for obtaining liquidity from the SNB. A single Swiss franc is equivalent to $1.08.