Swiss banking giant UBS 'in talks to takeover troubled rival Credit Suisse'

But the bank, among a small group of financial companies that have been deemed too big to fail, is loss-making and in recent years has been hit with a string of problems.

This week Credit Suisse received a loan from Swiss National Bank of up to £44.5bn to backstop it, but the move failed to reassure markets and its shares tumbled 24 percent, sparking a wider sell-off on European markets. UBS is reportedly offering to pay up to $1bn for the troubled lender, though Credit Suisse was said to be unhappy with the deeply discounted offer.A sign of Credit Suisse is seen behind a clock at the headquarters of Switzerland's second-biggest bank in Zurich on March 18, 2023.The deal currently believed to be on the table would value Credit Suisse at around £7billion dollars less than its value at market close on Friday.

UBS is said to have asked the Swiss government for around $6bn to cover costs if it were to buy the bank, sources quoted by Reuters said.

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Swiss government to hold news conference on Credit Suisse after UBS takeover offer - reportsThe possible emergency rescue comes after the authorities raced over the weekend to secure the rescue of the 167-year-old bank, in a move hoped to contain the industry's biggest crisis since 2008 and avoid global market turmoil. Surely the Swiss government can put their Nazi gold horde to good use ? ridge r4today PoliticsLive Fractional banking systems clearly don't work anymore.
Source: SkyNews - 🏆 35. / 67 Read more »

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 »

Credit Suisse bank: UBS said to be in takeover talks with troubled rivalEmergency talks are reported in Zurich as regulators seek a deal for Credit Suisse before Monday. Am I sensing a loss of scruples? How many banks have been operating on sketchy + risky levels?
Source: BBCNews - 🏆 3. / 97 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
Source: FT - 🏆 113. / 51 Read more »

UK regulators back merger of banking giants Credit Suisse and UBSThe Bank of England has told its Swiss counterpart and the country's two biggest banks that it will not object to an emergency merger, Sky News understands. Of course they have .. they're trying to stave of a total collapse of the banking system. PEOWWWW $EURUSD ROCKET TIME, back on course for short term top test. All planned, all this shit. Exactly 👇
Source: SkyNews - 🏆 35. / 67 Read more »

UBS offers to buy Credit Suisse for up to $1bn\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 against the clock in Credit Suisse takeover talks . $1 billion fraction of Friday’s closing price. Then again down 99% vs. 90% is not material. But SNB bypassing classic governance by not allowing UBS board to vote on merger is a whole new paradigm and sends a message that the authorities are able to change the rules at will. Shotgun marriages tend to end in ….. 😭
Source: FT - 🏆 113. / 51 Read more »