Switzerland's largest bank, UBS, is in talks to take over all or part of Credit SuisseUBS is prepared to take over its troubled Swiss rival Credit Suisse but only for a knockdown price, reports said Sunday amid urgent talks aimed at saving the embattled bank from a bloodbath when the markets reopen.
Credit Suisse's share price has tumbled from 12.78 Swiss francs in February 2021 due to a string of scandals that it has been unable to shake off. The Swiss authorities felt they had no choice but to push UBS into overcoming its reluctance, due to the enormous pressure exerted by Switzerland's major economic and financial partners, fearing for their own financial centres, said Blick newspaper.
The 20 Minuten newspaper filmed members of the Swiss government, including President Alain Berset, heading into the finance ministry in Bern early Sunday.Credit Suisse, the country's SNB central bank and the Swiss financial watchdog FINMA all declined to comment on the negotiations when contacted by AFP.
"In addition, tens of thousands of jobs outside of the banking industry would potentially be at risk," it added, calling for a task force to be established to manage the situation.Like UBS, Credit Suisse is one of 30 banks around the world deemed to be Global Systemically Important Banks -- of such importance to the international banking system that they are considered too big to fail.But the market movement seemed to suggest the bank was being perceived as a weak link in the chain.
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