WASHINGTON: The US Federal Reserve and the Treasury Department said on Sunday they welcomed the announcement by Swiss authorities to support financial stability after UBS sealed a deal to buy the Swiss bank. Swiss Credit Suisse.
UBS acquires Credit Suisse for $3.23 billion
Swiss authorities were forced to step in and arrange a deal to prevent a crisis of confidence in Credit Suisse from spilling over into the wider financial system. The Ministry of Finance and the Federal Reserve stated that they are in close contact with their international partners to support the implementation of the transaction.