Credit Suisse is in advanced talks with its larger Swiss rival UBS about a deal to salvage Switzerland's second-biggest bank, in a bid to reassure investors before the markets open next week.
Credit Suisse is one of 30 banks deemed to be Global Systemically Important BanksEmbattled Credit Suisse was holding crisis talks this weekend with national banking and regulatory authorities, said reports.
According to the Financial Times newspaper, Switzerland's largest bank UBS was negotiating to buy all or part of Credit Suisse, with the blessing of the Swiss regulators.The Swiss National Bank — the country's central bank — "wants the lenders to agree on a simple and straightforward solution before markets open on Monday," the FT's source said, while acknowledging there was "no guarantee" of a deal.
Credit Suisse, the SNB and the Swiss financial watchdog FINMA all declined to comment when AFP contacted them.UBS would require public guarantees to cover legal costs and potential losses, according to a report by Bloomberg, citing anonymous sources. The Swiss competition commission could also raise eyebrows depending on how any takeover by UBS might be configured.The Swiss government held an urgent meeting to discuss the Credit Suisse situation on Saturday evening in the capital Bern.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Credit Suisse: Societe General, Deutsche Bank among banks limiting trades with Credit SuisseThe restrictions add to the Swiss bank’s problems as it tries to restructure operations and find its footing after a series of costly scandals.
Read more »
UBS in talks to buy embattled Credit Suisse, FT saysUBS Group is in discussions to take over all or part of Credit Suisse after an emergency funding lifeline failed to restore investor confidence in the smaller Swiss bank.
Read more »
SVB madness | Credit Suisse shocker | What should investors be doing?This week in the Chanticleer podcast, MrJThomson and TonyBoydAFR take a look at a chaotic week on global markets, from the collapse of Silicon Valley Bank to the wave of panic set off by Credit Suisse.
Read more »
Credit Suisse finds ‘material’ control lapses after SEC promptCredit Suisse has said it found “material weaknesses” in its reporting and control procedures for the past two years, after questions from US regulators last week.
Read more »
Credit Suisse’s independence far from assuredCredit Suisse has plenty of capital, no looming losses from bad assets and more than enough liquidity to meet withdrawals. It is faith that matters right now.
Read more »
UBS, Credit Suisse oppose idea of forced combination, sources sayThe two Swiss banking giants reportedly see a takeover as a potential measure of last resort given the significant hurdles and overlap.
Read more »