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It looks like UBS may take over some or all of Credit Suisse’s business. This was reported by the Financial Times (FT). The boards of directors of the two banks will meet separately at the weekend to discuss the takeover.
These talks are led by the Swiss National Bank and the financial market supervisory agency Finma. This has been confirmed by the Financial Times from several sources familiar with the matter.
According to the “FT”, Swiss supervisors informed their American and British counterparts on Friday evening that the merger of the two banks is “Plan A” to halt the loss of confidence in Credit Suisse.
According to sources from the Financial Times, the focus of all parties involved is “to agree on a simple and direct solution before the markets open on Monday”. Meaning: A decision has to be made this weekend! However, there is no guarantee for this.
Both Credit Suisse and UBS declined to comment. The SNB did not respond to the newspaper’s request.
Credit Suisse made international headlines this week. The share price collapsed, occasionally falling below two francs. The stock has been temporarily suspended from trading several times. The stock market value of the big bank: only 7 billion francs.
The big bank in crisis also summoned politicians to the scene on Thursday. The Federal Council convened extraordinarily. The state government, however, did not reveal exactly what was said behind closed doors.
To prevent CS from slipping further, the Swiss National Bank (SNB) provided liquidity assistance to CS of up to CHF 50 billion. The share price initially rose sharply after the announcement, but then fell again.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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