Swiss bank UBS wants to acquire troubled rival Credit Suisse |
According to the newspaper, Swiss authorities want a merger to restore confidence in the Alpine nation’s banking sector. UBS is Switzerland’s largest bank.
Consultations will be held later this week led by the Swiss central bank and financial regulator FINMA. It is as follows Financial Times Credit Suisse and UBS, led by former ING CEO Ralf Hammers, are less certain of a deal.
Credit Suisse has been under pressure for some time following customers withdrawing 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 a money laundering investigation and bad investments.
After the collapse of several regional banks in the United States, there was great turmoil in the stock markets around Credit Suisse. The Swiss central bank has already pledged billions in support of Credit Suisse.
Tensions flared again on Friday. Shares of the 167-year-old bank fell sharply on the Zurich stock exchange. Press Agency Reuters At least four major banks, including France’s Société Générale and Deutsche Bank, have restricted their trading transactions with Credit Suisse.
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