UBS Group is exploring an acquisition of all or parts of Credit Suisse Group at the urging of Swiss regulators after its smaller rival was pummelled by a crisis of confidence, according to people with knowledge of the matter.look at various ways it could be involved with a solution for Credit Suisse
A government-brokered deal would address a rout in Credit Suisse that sent shock waves across the global financial system this week.The boards at Switzerland’s top two banks expect to meet separately this weekend to weigh the idea of a combination, with talks orchestrated by the Swiss National Bank and regulator Finma, according toSpokespeople for UBS and Credit Suisse declined to comment.
The government, central bank and Finma have been in close contact to discuss further ways to stabilise Credit Suisse, Bloomberg reported earlier this week. Ideas floated included a separation of the bank’s Swiss unit and an orchestrated tie-up with UBS, people familiar with the matter said previously. Executives at UBS and Credit Suisse had been opposed to such an arranged combination, people familiar with the matter said earlier this week.
Credit Suisse’s market value has plunged to about 7.4 billion Swiss francs , from a 2007 peak of more than 100 billion francs. UBS’s market value is 60 billion francs.
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