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UBS salvages most value from Credit Suisse wreck
UBS Chair Colm Kelleher is buying Credit Suisse because he has to, not because he wants to. The 3 billion Swiss franc ($3.2 billion) rescue deal, brokered by Swiss authorities and announced late on Sunday, is designed to shore up confidence in the country’s financial industry rather than benefit the buyer. Even so, UBS is salvaging the most value from the wreckage.