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Credit Suisse, UBS shares dive following takeover announcement

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Shares of Credit Suisse plunged 60.5 per cent on Monday after banking giant UBS said it would buy its troubled Swiss rival for almost US$3.25 billion in a deal orchestrated by regulators to try to stave off further turmoil in the global banking system.

70c8fc80 Credit Suisse, UBS shares dive following takeover announcement

UBS shares also were down nearly five per cent on the Swiss stock exchange.

Swiss authorities urged UBS to take over its smaller rival after a central bank plan for Credit Suisse to borrow up to 50 billion francs (US$54 billion) last week…


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