UBS and Credit Suisse discuss takeover

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UBS and Credit Suisse discuss takeover

Swiss bank UBS is in talks with Credit Suisse about a full or partial takeover of the beleaguered bank. This is reported by the British business newspaper Financial Times based on sources with knowledge of the talks.

Swiss bank UBS is in talks with Credit Suisse about a full or partial takeover of the beleaguered bank. (ANP/EPA)

According to the newspaper, the Swiss authorities want a merger to restore confidence in the Alpine country’s banking sector. There would be further consultations this weekend led by the Swiss central bank and the financial regulator Finma. According to the Financial Times, it is not certain that a deal will be made between Credit Suisse and UBS, which is led by former ING CEO Ralph Hamers. UBS is Switzerland’s largest bank.

Unrest

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 Credit Suisse. But the unrest flared up again on Friday because the share of the 167-year-old bank fell sharply on the Zurich stock exchange. Reuters reported that at least four major banks including France’s Société Générale and Deutsche Bank have restricted their trading transactions with Credit Suisse.


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