People familiar with the matter say UBS wants the Swiss government to safeguard the deal if it acquires CreditSuisse. Banks BailOuts
After Credit Suisse Group AG announced it would borrow 50 billion Swiss francs from the Swiss National Bank, UBS Group AG is reportedly considering acquiring the banking giant. However, UBS is requesting that the government issue a backstop to protect against any losses if it purchases Credit Suisse. According to unnamed sources familiar with the matter, UBS, which is the world’s largest private bank, wants the government to safeguard the deal.
The report further stated that before the Swiss government-brokered discussions, UBS executives were hesitant to acquire the competitor bank and take on the risks associated with Credit Suisse. Sources familiar with the matterReuters that Credit Suisse’s chief financial officer Dixit Joshi and his team convened over the weekend to discuss the bank’s options. Besides UBS, the report notes there were multiple reports of interest from rivals.
in October of last year. At that time, the banking giant’s credit default insurance approached 2008 levels.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS, Credit Suisse oppose idea of forced merger, Bloomberg News reportsUBS Group AG and Credit Suisse Group AG are opposed to a forced merger, Bloomberg News reported on Thursday, citing people with knowledge of the matter.
Read more »
UBS in discussions to buy Credit Suisse: reportUBS Group AG is in talks to buy all or parts of Credit Suisse, with their boards meeting separately over the weekend, the Financial Times reported late Friday.
Read more »
Credit Suisse meets to weigh options, under pressure to merge with UBSCredit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG .
Read more »
UBS in talks to buy troubled Credit Suisse, FT reportsInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
UBS in talks to acquire Credit Suisse -FT By Reuters*UBS IN TALKS TO TAKE OVER ALL OR PART OF CREDIT SUISSE AS SHARE PRICES FALL $UBS $CS 🇨🇭🇨🇭
Read more »
Credit Suisse under pressure to merge with UBSCredit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a deal with Swiss rival UBS AG .
Read more »