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Asian Shares Slump After Credit Suisse Buyout

March 20, 2023

Asian stocks tumbled on Monday amid signs of a deepening crisis in the financial system, lingering fears of a global recession and anxiety ahead of a Federal Reserve meeting this week.

Regulators in Asia issued reassuring statements that their banking systems remained robust and stable after a historic state-backed rescue of troubled lender Credit Suisse by Swiss rival UBS Group.

Also, New York Community Bank NYCB agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal.

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