RT.com
18 Mar 2023, 20:13 GMT+10
UBS reportedly may acquire all or parts of the failing lender, with discussions to be held over the weekend
Swiss financial regulators, the Swiss National Bank and the Swiss Financial Market Supervisory Authority (FINMA), are organizing talks between the country's two largest banks, UBS and Credit Suisse, to discuss a potential merger between the lenders, Bloomberg and Financial Times reported on Friday citing sources.
According to the reports, UBS is exploring an acquisition of all or parts of Credit Suisse. The boards of the two banks are also expected to meet separately this weekend to evaluate the idea of a merger.
Zurich-based Credit Suisse has been battling a string of scandals, legal issues and customer outflows that have sent its shares tumbling. The most recent hurdle came after its biggest investor, Saudi National Bank (SNB), announced it would not be able to provide financial assistance due to regulatory and statutory limits. The situation was exacerbated by the collapse of several smaller US lenders last week, which sent shockwaves across the global banking industry and triggered bank runs. The bank's shares closed lower by nearly 7% on Friday, and were down 24% for the week.
A Bloomberg source indicated that a decision on the merger may be announced as early as Sunday evening. However, the news outlet earlier reported that both UBS and Credit Suisse were skeptical over the merger, with the latter expecting to be able to fix the situation through its $54 billion loan from the Swiss central bank, while the former is reluctant to take on risks related to Credit Suisse. The market value of UBS is about $60 billion at the moment, while Credit Suisse's amounts to a mere $8 billion.
Both UBS and Credit Suisse have so far declined to comment on the merger reports.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Iraq Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.
More InformationWEST READING, Pennsylvania: An explosion occurred at a chocolate factory in Pennsylvania, killing seven people and seeing ten staff members ...
OTTAWA, Canada: US President Joe Biden and Canadian Prime Minister Justin Trudeau have announced a plan to close a loophole ...
UVLADE, Texas: Texas police stopped a Florida-bound freight train this week and discovered two migrants had died in a freight ...
ROLLING FORK, Mississippi: A powerful tornado has struck Mississippi, killing at least 25 people, injuring dozens, flattening entire blocks and ...
TEGUCIGALPA, Honduras: In what could signal the end of his country's decades-long relations with Taiwan, Honduran foreign minister Eduardo Enrique ...
WASHINGTON D.C.: A new US Congressional committee focusing on China held its second hearing on the alleged abuses of the ...
ABU DHABI, 28th March, 2023 (WAM) -- The Abu Dhabi Forum for Peace's Ramadan lecture series has been launched by ...
Islamabad [Pakistan], March 29 (ANI): Pakistan is in a fix as it has entered into a vicious cycle of borrowing ...
© Provided by Xinhua Surging fuel prices have forced many people in Lebanon to reduce the use of cars as ...
Srinagar (Jammu and Kashmir) [India], March 28 (ANI): The farmers, inhabiting the world-famous 'Dal Lake', associated with Lotus Stem (Nadru) ...
New Delhi [India], March 28 (ANI): India's G20 Presidency reached a milestone on Tuesday as it marked a half-century of ...
ABU DHABI, 28th March, 2023 (WAM) -- Borouge is supplying sustainable "Made in UAE" polyethylene materials worth AED120 million that ...