Swiss bank UBS would like to take over its embattled rival Credit Suisse | Economy
According to the newspaper, the Swiss authorities want a merger to restore confidence in the banking sector in the Alps. UBS is the largest bank in Switzerland.
There will be further consultations this weekend led by the SNB and financial regulator FINMA. It is according to financial times I’m not sure Credit Suisse and UBS, led by former ING CEO Ralph Hamers, will strike a deal.
Credit Suisse has been under pressure for some time as customers continue to withdraw money from their bank accounts. They do this because they have lost faith in the bank. Switzerland’s second largest bank has been in the news a lot in recent months due to scandals, such as an investigation into money laundering and bad investments.
There was great turmoil in the stock markets around Credit Suisse after the collapse of several regional banks in the US. The Swiss Central Bank has already pledged billions of dollars to support Credit Suisse.
Unrest broke out again on Friday. Shares of the 167-year-old bank fell sharply on the Zurich Stock Exchange. News agency Reuters It reported that at least four major banks, including France’s Societe Generale and Deutsche Bank, had restricted their business dealings with Credit Suisse.
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