Switzerland considers nationalizing Credit Suisse if deal with UBS fails Economy
Switzerland is considering the full or partial nationalization of Credit Suisse. That would be the only viable option other than the Swiss bank being acquired by UBS. Insiders tell Bloomberg News.
UBS is in talks with Credit Suisse this weekend about a full or partial takeover. With this merger, the Swiss authorities want to restore confidence in the Swiss banking sector. According to British business newspaper the Financial Times, UBS is seeking a takeover of up to $1 billion (more than 930 million euros), which the newspaper said should be completed by Sunday evening.
Credit Suisse believes the offer is too low, sources told Bloomberg. However, the Swiss government is trying to find a solution, even though the takeover is complicated and needs to be completed in a short period of time. Sources further tell Bloomberg that the situation is very volatile.
Earlier, the Financial Times reported that the Swiss government already wants to facilitate a quick takeover of Credit Suisse by UBS with emergency measures. For example, under Swiss regulations, UBS usually has to give its shareholders six weeks to consider a takeover. Due to emergency measures, that consultation period was avoided.
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