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UBS, Credit Suisse shares plummet after $3.25 billion merger announced

By Scott Kanowsky 

Investing.com -- Shares in UBS Group AG (SIX:UBSG) slumped by more than 12% on Monday, while Credit Suisse Group AG (SIX:CSGN) shares shed nearly two-thirds of their value, after a frantically thrashed out tie-up between the two Swiss lenders was agreed over the weekend.

UBS announced on Sunday that it will buy embattled Credit Suisse for around $3.3 billion, with the assistance of the Swiss authorities, hoping that this will help ease the strain on the global banking system.

Concerns had been growing about Credit Suisse’s survival as it faced growing liquidity difficulties with investors withdrawing funds in the wake of a series of crises.

But markets remained on edge after Swiss authorities said in the wake of the announcement that $17 billion worth of Credit Suisse's Additional Tier 1 bonds - a riskier class of debt - would be wiped out by the merger. The decision was widely expected to lead to further market turmoil, as traders react to potential losses for debtholders in Credit Suisse.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.