On March 19, 2023, it was announced that UBS plans to acquire Credit Suisse in an allshares transaction, valuing Credit Suisse at CHF 0.76 per share / CHF 3 billion. The Swiss Federal Council, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank expressed their support for the transaction. The transaction is expected to close in Q2/23 following approvals by relevant authorities. AT1 capital instruments issued by Credit Suisse of appr. CHF 16 billion in aggregate have been written-down in full.

Introduction

On March 8, 2019, the Swiss Federal Council instructed the Federal Department of Finance to initiate the consultation process on proposed amendments to the Banking Act. 

The proposed amendments aim at increasing the effectiveness, and legal basis, of certain bank resolution measures and related topics.

Interested parties can comment on the draft proposal until June 14, 2019.

Restructuring procedure for banks