The largest financial holding UBS allows the partial or total purchase of Credit Suisse. The country’s national bank and financial regulator Finma are pressing the parties to reach an agreement.
According to Bloomberg, Swiss officials believe that the merger of the two banks would help resolve the situation with Credit Suisse.
One of the interlocutors of the Financial Times described the idea of unification as “plan A” in a situation of falling confidence in Credit Suisse. Another FT source said the parties are discussing various options, and UBS is looking at the potential business risks of this transaction.
Bloomberg reports that the bank merger could be announced as soon as this Sunday. “However, the situation remains unstable and may change,” the agency clarifies.
Credit Suisse shares fell 23.7% this week, hitting a new all-time low. According to Reuters, the bank’s biggest investor said he could not provide additional financial assistance.
The credit institution’s problems have worsened in the context of the bankruptcy of Silicon Valley Bank. The partners fear for the stability of the global banking system after the collapse of the 16th largest bank in the US.
Photo: Cryptographer / Shutterstock
Author:
Ahmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
