UBS To Explore Credit Suisse Deal In Crisis Combination: Report
NDTV
Credit Suisse, which traces its roots back to 1856, has been hammered over recent years by a series of blowups, scandals, leadership changes and legal issues.
UBS Group AG is exploring an acquisition of all or parts of Credit Suisse Group AG at the urging of Swiss regulators after its smaller rival was pummeled by a crisis of confidence, according to people with knowledge of the matter.
Swiss officials are pushing UBS to look at various ways it could be involved with a solution for Credit Suisse, the people said, asking not to be identified describing private discussions. The deliberations are ongoing and it's unclear whether any deal will result, the people said.
The boards at Switzerland's top two banks expect to meet separately this weekend to weigh the idea of a combination, with talks orchestrated by the Swiss National Bank and regulator Finma, according to the Financial Times, which reported the deliberations earlier Friday.
The goal is for an announcement of a deal between the two banks by Sunday evening at the latest, according to a person familiar with the matter, who also asked not to be identified discussing the talks. The situation, however, remains fluid and could change.
