HomeEconomyUBS is in talks to acquire Credit Suisse, the Financial Times reports

UBS is in talks to acquire Credit Suisse, the Financial Times reports

UBS is negotiating the purchase, in whole or in part, of Credit Suisse’s capital, the Financial Times reportedpredicting negotiations this weekend between the boards of directors of the two largest Swiss financial institutions.

The negotiations are being led by the Swiss National Bank and the Swiss financial market regulator, FINMA, according to sources quoted by the London newspaper.

According to the same sources, the deal could involve some or all of Credit Suisse’s capital, which this Thursday became the world’s first large-scale bank to receive emergency aid since the 2008 financial crisis.

This help came after the main shareholder, the National Bank of Saudi Arabia, announced it was ending investments in Credit Suisse, the country’s second largest bank and one of Europe’s top 20 banking institutions.

This week, the Saudi National Bank’s decision prompted the Swiss National Bank to help.

The announcement of Credit Suisse’s main shareholder had consequences for the Swiss institution’s stock exchange listing.

But this period of turbulence in the banking sector started earlier, with the collapse of the Silicon Valley Bank (SVB) in the United States, followed by a sharp fall on the stock market on Wednesday by Credit Suisse.

Author: DN/Lusa

Source: DN

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