A deal could be announced Sunday evening, as regulators seek an agreement before markets open in a bid to avert another selloff
UBS Group, Switzerland’s largest bank, has offered to buy rival Credit Suisse Group in a deal that could be announced Sunday evening, media reports say. Swiss regulators want an agreement before the markets open on Monday for fear that Credit Suisse’s alarmingly fast deterioration could trigger another selloff.
The takeover was propelled by the Swiss National Bank and Finma, the country’s financial services regulator. Various media outlets reported that the situation was fast-moving and fluid, suggesting that the terms of the deal could change throughout the day. UBS’s takeover of Credit Suisse has been rushed, leaving the fate of some of Credit Suisse’s businesses in doubt. UBS was reportedly happy to buy Credit Suisse’s profitable Swiss banking unit and the company’s global wealth- and asset-management businesses. But UBS had also made it clear that it had little desire to own Credit Suisse’s investment-banking division, which is dominated by CS First Boston in the United States.
It was not known Sunday morning whether any government backstop would be included in the final deal. Credit Suisse had CHF1.2-billion in legal provisions at the end of 2022 and said it was reasonable to assume another CHF1.2-billion would be added to the bill.
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