© Reuters. FILE PHOTO: A logo is seen on the headquarters of Swiss bank Credit Suisse on Paradeplatz in Zurich, Switzerland March 16, 2023. REUTERS/Denis Balibouse
ZURICH (Reuters) – Credit Suisse shares closed 1% higher at 0.81 Swiss francs ($0.89) on Monday, their last trading day after the stricken bank’s takeover by Swiss rival UBS.
Under the terms of the 3 billion franc all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares they held.
Credit Suisse shares have lost 86% in value over the last 12 months after the lender was hit was a collapse in customer confidence, necessitating a state-orchestrated rescue by its larger Swiss peer.
The final price underlines a massive collapse in value at Credit Suisse. In 2007 its shares had traded at 81 francs, 100 times their final price.
The bank, which was founded in 1856, played a central role in the history and development of Switzerland, after it was set up to finance the country’s railways, will now be merged into UBS Group.
($1 = 0.9096 Swiss francs)
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