UBS agrees to buy Credit Suisse
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 20 March 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
UBS agreed to buy Credit Suisse for $3.25bn after a frantic weekend of negotiations brokered by Swiss regulators, leading central banks have taken fresh measures to improve global access to dollar liquidity, and the Biden administration is under pressure to call for an expansion of the federal guarantee on bank deposits. Plus, the FT’s Andrew Edgecliffe-Johnson explains what lessons start-ups are taking away from the collapse of Silicon Valley Bank.
Mentioned in this podcast:
UBS agrees to buy Credit Suisse for more than $3bn
White House pressed to expand deposit guarantee to steady banks
Central banks announce dollar liquidity measures to ease banking crisis
Start-ups learn the hard way how to manage cash after SVB’s collapse
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.6 | Today is Monday, March 20th, and this is your FT News Briefing. |
| 0:17.1 | Swiss Central Bankers have brokered a historic crisis merger. |
| 0:21.3 | The White House is under pressure to guarantee more bank deposits, |
| 0:25.8 | and the failure of Silicon Valley Bank has been a painful learning curve for tech startups. |
| 0:31.9 | There's a very clear lesson here that you do not want all of your eggs in one basket. |
| 0:37.4 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:49.8 | It was a frantic and historic weekend for Swiss banking. |
| 0:54.1 | The country's second largest bank was crumbling. |
| 0:57.2 | Nervous customers had been yanking their money out of credit Swiss, |
| 1:01.1 | and investors were dumping the lender's shares. |
| 1:04.0 | The Swiss Central Bank had to do something drastic, so yesterday they got their largest bank, |
| 1:09.6 | UBS, to buy credit Swiss for three and a quarter billion dollars. |
| 1:24.1 | The FT's Arash Masoudi covered the negotiations and said this is probably a new one for Swiss authorities. |
| 1:54.3 | Arash, what did Swiss authorities do to broker the deal? |
| 2:06.3 | After the collapse of Silicon Valley Bank, the Swiss Central Bank stepped in and provided a |
| 2:11.8 | $54 billion credit line. That was designed to basically deal with the heavy levels of outflows |
| 2:18.7 | that were coming from Credit Suisse, but it was clearly not enough and they're not soon |
| 2:23.1 | thereafter. UBS was instructed to begin working on a takeover. |
| 2:29.2 | Yeah, but why would UBS agree to buy Credit Suisse? I mean, Credit Suisse is just riddled |
... |
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