By Kathryn ArmstrongSwitzerland's biggest bank, UBS, is reported to be in advanced talks to buy all or part of its troubled rival Credit Suisse.
Shares in Credit Suisse have fallen sharply in recent days after it said it had found "material weakness" in its financial reporting.Regulators are trying to facilitate a deal before markets reopen on Monday.This prompted a general sell-off on European markets, and fears of a wider financial crisis. The Swiss government held an emergency meeting on Saturday night, but so far there has been no official statement on the progress of the negotiations.
UBS is said to have asked the Swiss government to cover about $6bn in costs if it were to buy Credit Suisse, according to sources quoted by Reuters.failure of two lenders in the USCredit Suisse, which was founded in 1856, has faced a string of scandals in recent years, including money laundering charges.
The bank reported a loss of 7.3bn Swiss francs in 2022 - its worst year since the financial crisis of 2008 - and has warned it does not expect to be profitable until 2024.
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UBS in talks to acquire Credit Suisse\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t ⚡️ Problem is there are like several more banks that are going to need help. The big banks cannot step in for all of them . . . Missing words might be; Asked, forced, convinced, urged, advised.. What’s in CS for UBS other than overlapped business areas?
Source: FT - 🏆 113. / 51 Read more »
UBS and regulators rush to seal Credit Suisse takeover deal\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t UBSuisse DebitSuisse So within 10 hours FT said that 1. UBS is buying CS 2. Blackrock is buying CS 3. Deutsche Bank is buying CS Oh and that FINMA is forcing UBS to merge with CS. Which one is it? High quality journalism
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BlackRock assembles rival Credit Suisse takeover bid\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t 👀 Another exciting weekend 👀 BlackRock wants something...
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European bank stock rally fades as Credit Suisse shares fall\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
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Ulrich Körner, the man trying to hold Credit Suisse together\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t UBS plays smartass.
Source: FT - 🏆 113. / 51 Read more »