UBS Acquires Credit Suisse Bank for $3 Billion

• Justin Sun wants to integrate Credit Suisse into the Web3 world.
• $17 billion in AT1 bonds are now worthless.

Switzerland Country’s second-largest private lender Credit Suisse Bank sold to UBS for $3 Billion. The Credit Suisse Group announced it entered a merger agreement with UBS today. Under the terms of the merger agreement, all the shareholders will get 1 share of UBS for 22.48 shares in Credit Suisse.

According to the report, the private swiz bank UBS has bid to acquire the troubled Credit Suisse Bank. The accusation is for a sum of up to $1 billion. UBS has to complete the transaction before the upcoming Monday deadline. 

Justin Sun’s Intrest in Credit Suisse

Tron’s founder Justin Sun tweeted a proposal to acquire the Credit Suisse Bank for $1.5 billion on Sunday. He mentioned that in case UBS failed to obtain the bid for the Bank, he would like to bring his proposal to buy the bank and integrate the bank into the Web3 world. He highlighted that Switzerland is one of the most cryptocurrency-friendly countries in the world. 

Justin Sun stated,

“My vision for the future of finance involves the embarrassing potential of blockchain technology and cryptocurrencies. By integrating Credit Suisse into the crypto-friendly financial institution, we can pave the way for a more innovative and decentralized financial system.”

UBS’s bid offer for the Credit Suisse Bank is way lower than the bank’s stocks on Friday. Switzerland considered nationalizing the bank. However, in the end, UBS acquired the bank for $3 billion. After the bid, $17 billion in AT1 bonds are now worthless. That means the AT1 bondholders appear to be left with nothing, while shareholders will receive the $3.23 billion under the UBS agreement deal. This can have a huge negative impact on Europe and the US bond market.