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Swiss giant UBS in talks to take over all or part of Credit Suisse
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IANS | 18 Mar, 2023
Swiss banking giant UBS is in discussions to take over all or part of
Credit Suisse, after a day in which the troubled banking giant continued
to see its share price fall despite a $ 54 billion cash injection, The
Guardian reported.
The Financial Times reported that the
boards of the two banks are set to meet separately over the weekend in
talks initiated by the Swiss National Bank, which provided Credit Suisse
a lifeline, and regulator Swiss Finma.
The expected talks come
as a senior Credit Suisse executive said the wealth management clients
were leaving the bank. A merger between UBS, valued at $56bn, and Credit
Suisse, valued at $7bn, was "plan A" to arrest a collapse in
confidence, the FT said, citing unnamed sources.
UBS was also
reported to be analyzing the potential risks to its own business in
taking on its Swiss counterpart, The Guardian reported.
Credit
Suisse has said that it is a strong, global bank. "We fulfill and
basically overshoot all regulatory requirements. Our capital, our
liquidity basis is very strong," chief executive Ulrich Koerner said
earlier this week.
Credit Suisse is the largest bank so far to be
caught up in a growing banking crisis. On Friday Silicon Valley Bank's
parent company filed for bankruptcy after worried depositors pulled
billions from their accounts. And on Thursday Wall Street's biggest
banks launched a rescue package for San Francisco-based First Republic,
which had been hit by a similar wave of withdrawals.
That deal
initially calmed nervous US investors but on Friday bank stocks slid
again as fears grew that the crisis is escalating, The Guardian
reported.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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84.35
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82.60 |
UK Pound
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106.35
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102.90 |
Euro
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92.50
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89.35 |
Japanese
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55.05 |
53.40 |
As on 12 Oct, 2024 |
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