ZURICH, March 19 — Talks over rescuing Credit Suisse rolled into Sunday as UBS AG sought US$6 billion (RM26.9 billion) from the Swiss government to cover costs if it were to buy...
ZURICH, March 19 — Talks over rescuing Credit Suisse rolled into Sunday as UBS AG sought US$6 billion from the Swiss government to cover costs if it were to buy its struggling rival, a person with knowledge of the talks said.
The guarantees UBS is seeking would cover the cost of winding down parts of Credit Suisse and potential litigation charges, two people told Reuters.The frenzied weekend negotiations follow a brutal week for banking stocks and efforts in Europe and the US to shore up the sector. US President Joe Biden’s administration moved to backstop consumer deposits while the Swiss central bank lent billions to Credit Suisse to stabilise its shaky balance sheet.
Berkshire Hathaway Inc’s Warren Buffett has held discussions with senior Biden administration officials about the banking crisis, a source told Reuters.British finance minister Jeremy Hunt and Bank of England Governor Andrew Bailey are also in regular contact this weekend over the fate of Credit Suisse, a source familiar with the matter said. Spokespeople for the British Treasury and the Bank of England’s Prudential Regulation Authority, which oversees lenders, declined to comment.
SVB and Signature’s collapses are largest bank failures in US history behind the demise of Washington Mutual during the global financial crisis in 2008. The Mid-Size Bank Coalition of America asked regulators to extend federal insurance to all deposits for the next two years, Bloomberg News reported on Saturday, citing a letter from the coalition.
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