Time to add Credit Suisse (CS) to the list of bank failures we've seen so far in 2023.Over the weekend UBS agreed to buy Credit Suisse for what equates to about $3.25 billion of UBS stock complete with the Swiss government helping absorb some of the coming writedowns of CS's loan book.UBS had to step in to save CS after last Wednesday's 50 billion Swiss franc liquidity injection from the Swiss National Bank proved insufficient to buoy the bank's operations once the Saudi National Bank (CS's largest shareholder) said it wouldn't provide any more assistance.
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