UBS Acquires Credit Suisse
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 20 March 2023
⏱️ 10 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Monday, March 20th, and I'm your host Julie Morgan. |
| 0:12.0 | UBS confirms a deal to acquire Credit Suisse for $3.2 billion, |
| 0:17.0 | which is less than half of Credit Suisse's market valuation |
| 0:20.0 | at the close of trading on Friday. |
| 0:22.0 | Signature Bank has a buyer. |
| 0:24.0 | New York Community Banks Flagstar Bank agrees to buy |
| 0:28.0 | signature bank deposits and some loans. |
| 0:31.0 | And it's being reported that Warren Buffett is talking to the |
| 0:34.7 | Biden administration about the banking crisis. Our top story, UBS confirmed on |
| 0:41.4 | Sunday that it agreed to acquire struggling Credit Suisse for a total of 3 billion Swiss francs or 3.25 billion US dollars. |
| 0:50.4 | The stock-based transaction also provides downside protection for the larger UBS. |
| 0:56.0 | Credit Suisse said that the deal was struck in an effort to restore necessary confidence |
| 1:01.0 | in the stability of the Swiss economy and banking system. |
| 1:05.0 | The transaction was led by the Swiss government and has the full support of the Swiss |
| 1:09.1 | Federal Department of Finance, FENMA, and the Swiss National Bank. |
| 1:13.6 | Under the terms of the agreement, Credit Suisse shareholders will get one UBS share |
| 1:18.6 | for every 22.4-8 credit Swiss shares. |
| 1:22.1 | The combination of the two banks is expected to generate annual run |
| 1:25.9 | rate of cost reductions of more than $8 billion by 2027. UBS expects the deal to add to EPS by 2027. |
| 1:35.0 | The transaction is not subject to shareholder approval. |
| 1:38.0 | UBS has obtained pre-agreement from FEMA, Finland's Financial Markets Authority, Swiss National Bank, the Swiss Federal |
... |
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