Switzerland wants emergency measures for accelerated takeover of Credit Suisse

- Advertisement -spot_imgspot_img
Switzerland wants emergency measures for accelerated takeover of Credit Suisse

The Swiss government wants emergency measures to enable an accelerated takeover of the troubled Credit Suisse by competitor UBS. This is reported by the British business newspaper Financial Times based on insiders.

The Swiss government wants emergency measures to enable an accelerated takeover of the troubled Credit Suisse by competitor UBS. (ANP/EPA)

Under Swiss regulations, UBS normally has to give its shareholders six weeks to consider the acquisition. With the emergency measures, that consultation period is skipped, although the exact details are still being worked out.

There has been great unrest on the stock markets around Credit Suisse after the collapse of several regional banks in the United States. The Swiss central bank has already pledged billions in support to the bank.

On Saturday evening, the Swiss authorities and the two Swiss banks are reportedly eager to find a solution. Negotiations are expected to continue on Sunday. None of the parties involved declined to comment. According to the Financial Times, UBS, Switzerland’s largest bank, is seen by central bank and regulator Finma as the only option to take over Credit Suisse. If the two banks merge, 10,000 jobs may be lost, an insider reports to Reuters news agency.

Scandals and losses

UBS, led by former ING CEO Ralph Hamers, would especially struggle with the acquisition of the investment bank from Credit Suisse, which has previously caused scandals and losses. According to insiders, UBS therefore demands guarantees from the Swiss government against certain risks. According to Reuters, an amount of 6 billion dollars (more than 5.5 billion euros) is being discussed. This amount may change during the negotiations.

Furthermore, according to sources, Deutsche Bank and BlackRock are also interested in taking over Credit Suisse in whole or in part. However, the American asset manager denies being interested. Deutsche Bank has not responded.


- Advertisement -spot_imgspot_img
Latest news
- Advertisement -spot_img
Related news
- Advertisement -spot_img