ZURICH, March 19 — Credit Suisse is in advanced talks with its larger Swiss rival UBS about a deal to salvage Switzerland’s second-biggest bank, in a bid to reassure investors...
ZURICH, March 19 — Credit Suisse is in advanced talks with its larger Swiss rival UBS about a deal to salvage Switzerland’s second-biggest bank, in a bid to reassure investors before the markets open next week, several media reported yesterday.
The Swiss National Bank — the country’s central bank — “wants the lenders to agree on a simple and straightforward solution before markets open on Monday”, the FT’s source said, while acknowledging there was “no guarantee” of a deal. The Neue Zurcher Zeitung newspaper said the government met at the finance ministry for a meeting that lasted around two hours, with several experts and officials taking part.
According to the FT, citing two unnamed sources, Credit Suisse customers withdrew 10 billion Swiss francs in deposits in a single day late last week — a measure of how trust in the bank has fallen. All eyes are on how Credit Suisse can stop another slide once the Swiss stock exchange reopens at 0800 GMT on Monday.
“This is a bank that never seems to get its house in order,” IG analyst Chris Beauchamp commented in a market note this week.Analysts at financial services giant JPMorgan, insisting that “status quo is no longer an option”, considered the scenario of a takeover by another bank, with UBS “the most likely”.
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