According to people familiar with the matter, the major Swiss bank UBS is considering a takeover of the ailing Credit Suisse, subject to government guarantees.
Accordingly, the government in Bern should issue a guarantee to cover the risks associated with the takeover, the two insiders said on Saturday. According to you, UBS is being pressured by the Swiss authorities to take over CS. Credit Suisse’s Swiss business could be spun off as part of the project, it said. UBS, CS and the Swiss financial regulator Finma declined to comment.
Boards of Directors meet separately
According to earlier media reports and insider information, the supervisory authorities are urging UBS to swallow Credit Suisse in whole or in part. Separate meetings of the boards of directors of the two companies have been scheduled for this weekend to discuss the issue, the Financial Times reported.
The Swiss National Bank (SNB) aims to have the parties agree on a solution by the start of trading on Monday.
Credit Suisse is the world’s largest money house, which got caught up in the whirlwind of the defunct US institutes Silicon Valley Bank (SVB) and Signature Bank, although it has hardly anything in the fire at SVB itself. In the middle of the week, she had to draw on emergency loans from the SNB with a volume of up to CHF 50 billion. (Reuters)
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Source: Tagesspiegel
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