UBS to acquire Credit Suisse for more than $3B after Justin Sun’s offer

According to the Associated Press, Swiss banking giant UBS will acquire Credit Suisse, which is on the verge of collapse, for nearly $3.25B. Swiss President Alain Berset said, “An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system.”

According to Euronews, the 167-year-old Credit Suisse received a loan of $50B (54M Swiss francs) from the Swiss National Bank, which caused a short-term rise in the bank's stock price. However, this move was not enough to stop deposit outflow. On the other hand, Credit Suisse did not need government aid during the 2008 financial crisis, while its rival UBS applied for it.

Justin Sun, the founder of the TRON ecosystem, also offered to buy the bank for $1.5B. Sun tweeted, “I would like to propose my own offer of $1.5 billion to acquire Credit Suisse and integrate it into the Web3.0 world. Switzerland has been one of the most crypto-friendly countries in the world.” Sun also mentioned his intention to integrate Credit Suisse with Blockchain Technology and cryptocurrency.