Investment manager BlackRock is preparing an offer to buy Credit Suisse, this Saturday, the Financial Timesfollowing the news that UBS is this weekend in talks to acquire the bank.
Credit Suisse became the first major bank globally to receive emergency public aid since the 2008 financial crisis.
Citing sources linked to the process, the Financial Times (FT) adds that BlackRock is evaluating several options, namely that of being able to proceed with an offer only for some business areas.
The US asset management giant has communicated its intention to Credit Suisse, and the FT has noted that negotiations are being led by BlackRock co-founder and chief executive Larry Fink.
However, there is no guarantee that the transaction will come to fruition and any deal may face significant regulatory hurdles in both Europe and the United States.
This offer comes one day after the FT also announced that UBS is in negotiations to purchase, in whole or in part, the capital of Credit Suisse and that negotiations will be taking place this weekend between the boards of directors of the two largest Swiss financial institutions.
These negotiations with UBS are being led by the Swiss National Bank and the Swiss financial market regulator, FINMA, according to sources quoted by the London newspaper.
One of the concerns of the authorities is to find a way out for Credit Suisse this weekend that will allow them to convince and reassure the markets before the opening on Monday and, in this way, avoid another dark week for those in category 30 of world banks. that are considered too big to fail.
On Thursday it was announced that Credit Suisse would receive a loan of up to 50 billion Swiss francs (50.7 billion euros) from the Swiss central bank to “strengthen” the institution’s accounts.
At the same time, the second largest Swiss bank announced a series of debt buyback operations worth some 3 billion Swiss francs (3.04 billion euros).
This help came a day after Credit Suisse faced its darkest day on the stock market, losing a quarter of its value, with its shares falling to a historically low level, below 2 Swiss francs (2.03 euros ).
This period of turbulence in the banking sector began earlier, with the collapse of Silicon Valley Bank (SVB) in the United States, after which there was a sharp fall on the stock market on Wednesday by Credit Suisse.
Source: TSF
