Let’s be clear, we just rescued Credit Suisse

A marriage born out of pain, rather than love.

After much speculation and with markets on the cusp of a Monday morning panic at the hands of a rolling bank crisis, UBS solidified its shotgun acquisition of ailing Credit Suisse Sunday afternoon.

A couple of the key points behind the deal:

  • Purchase Price: More than $3 billion

  • Who Will Run the Combined Entity: UBS chair Colm Kelleher and UBS CEO Ralph Hamers

  • Other: UBS sees the deal accretive to EPS by 2027; Credit Suisse investment bank will be wound down; Total annualized cost savings of $8 billion by 2027; Both banks have unrestricted access to the Swiss National Bank existing facilities.

“This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue,” said UBS chair Colm Kelleher, taking a not-too-thinly-veiled shot at the Credit Suisse board and executive team.

The deal may help calm the broader jittery financial system, but could unsettle UBS shareholders, a former high-ranking UBS exec tells Yahoo Finance.

“You go from having the best run Swiss bank in UBS with a clear strategy, to owning the worst,” the source added.

UBS declined to make CEO Ralph Hamers available for an interview. Credit Suisse declined to make outgoing chairman Axel Lehmann available for an interview.

This is breaking news and will be updated.

Brian Sozzi is Yahoo Finance’s Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on the banking crisis? Email [email protected]

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