Good news, I suppose! However, about less than three decades ago Switzerland had three global banks (Schweizerische Bankverein to name the third one) after this acquisition it would be left with only one.
After the merger, UBS will probably be among the top 10 if not top 5 banks in Europe by assets!
Again, the famous Swiss pragmatism and level headedness is on display!
"The deal was engineered by regulators to shore up confidence in the broader system, according to people familiar with the matter. An end to the Swiss bank's nearly 167-year run would represent a new global dimension of the fallout from the sudden collapse of Silicon Valley Bank. Officials are racing to consummate the deal before markets open in Asia ..."
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