Switzerland Approves 150 Trillion KRW Funding Support from UBS for CS Acquisition

The Swiss government approved on the 29th (local time) the provision of acquisition funds amounting to 109 billion Swiss francs (approximately 154.3 trillion KRW) to UBS, which is acquiring Credit Suisse (CS), facing a liquidity crisis triggered by Silicon Valley Bank (SVB).

The Swiss Federal Council, the federal executive body, announced that it has decided to provide emergency credit guarantees to the Swiss National Bank (SNB) and UBS to enable the acquisition of CS.

The funds supported under the government guarantee to UBS this time amount to 109 billion Swiss francs. On the 19th, Swiss financial authorities announced UBS's acquisition of CS along with support of 100 billion Swiss francs.

The Swiss Federal Assembly plans to conduct a focused review on the appropriateness of the federal government's financial support during a special session scheduled from the 11th to the 13th of next month.

Currently, it is reported that more than half of the Swiss population opposes UBS's acquisition of CS. Accordingly, concerns and controversies over the precedent this agreement will set in Switzerland are expected to intensify.

Additionally, the Swiss government has separately initiated a comprehensive evaluation related to banking regulations.

This content was produced with the assistance of AI translation services.