Apac central banks reassure amid Credit Suisse woes
Central banks in Australia, Singapore and Hong Kong say banking systems remain stable
Central bankers and policy-makers in Asia sought to calm the markets today (March 20) after news broke that troubled investment bank Credit Suisse would be taken over by its rival UBS.
UBS agreed to buy Credit Suisse for Sfr3 billion (US$3.2 billion) on March 19 in a deal struck with the Swiss authorities, including the Swiss National Bank, after a weekend of intensive work. The move came three days after the banking giant said it would borrow up to Sfr50 billion Swiss francs from the SNB.
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