Swiss bank UBS Group is closing in on a deal to take over its rival Credit Suisse amid a weekend of frenzied negotiations, according to multiple reports.
Switzerland is preparing to use emergency measures to fast-track the deal, the FT said.
The 167-year-old Credit Suisse got more than $50 billion from the Swiss National Bank this week as worries mounted about its solvency, following the shock to the banking system generated by the collapse of the California-basedIt will be the first combination of two global systemically important banks since the financial crisis of 2008-2009.
Exactly how the sale will be worked out is still up in the air. It’s possible UBS could take over all of Credit Suisse, but reports said the fate of its huge retail bank is one question — and its troubled investment bank is another.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS seeks Swiss backstop in any Credit Suisse deal - Bloomberg NewsUBS Group AG is asking the Swiss government for a backstop if it were to buy Credit Suisse Group AG , Bloomberg News reported on Saturday.
Read more »
UBS mulls takeover of Credit Suisse with possible Swiss government guaranteesUBS is examining a takeover of Credit Suisse that could see the Swiss government offer a guarantee against the risks involved, said two people with knowledge of the matter on Saturday.
Read more »
Credit Suisse faces demise as UBS, Swiss regulators discuss takeoverFuture of 167-year-old Credit Suisse in question amid reports of a takeover by rival UBS as soon as Saturday evening as world economies scramble to prevent another global financial contagion
Read more »
UBS, Credit Suisse oppose idea of forced merger, Bloomberg News reportsUBS Group AG and Credit Suisse Group AG are opposed to a forced merger, Bloomberg News reported on Thursday, citing people with knowledge of the matter.
Read more »
UBS in discussions to buy Credit Suisse: reportUBS Group AG is in talks to buy all or parts of Credit Suisse, with their boards meeting separately over the weekend, the Financial Times reported late Friday.
Read more »
Credit Suisse meets to weigh options, under pressure to merge with UBSCredit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS AG .
Read more »