UBS makes $1 billion offer to buy Credit Suisse

UBS and Credit Suisse, Switzerland's two biggest banks, have been in talks with regulators since Wednesday. UBS has offered $1 billion to buy 167-year-old troubled Swiss lender Credit Suisse. However, Credit Suisse has opposed UBS Group's proposal. He believes that this offer is too low.

The offer from UBS is expected to be a significant change for both the banks. UBS has sought bank guarantees of around $6 billion from the Swiss government for the acquisition. According to a Bloomberg report, +UBS's offer is being made on Sunday with a price of 0.25 Swiss francs per share to be paid in stock, which is significantly lower than Credit Suisse's Friday closing price of 1.86 Swiss francs. According to a Bloomberg report, the Swiss lender is backing out, saying the offer is too low and will hurt shareholders and employees. However, Credit Suisse is under pressure from regulators and authorities to find a solution as soon as possible.

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