SWITZERLAND'S largest bank, UBS, is in talks to buy all or part of Credit Suisse, according to a report by the Financial Times.
Credit Suisse -- Switzerland's second-biggest bank -- came under pressure this week as the failure of two US regional lenders rocked the sector. By the close of markets Friday, its shares had dropped eight percent.The Swiss National Bank and financial markets watchdog FINMA told their US and British counterparts their 'plan A' to stop the crisis of confidence facing Credit Suisse was to merge it with UBS, the FT reported Friday, citing unnamed sources.
Credit Suisse, which has been in turmoil for two years, has been seen as a weak link in the banking sector due to a series of scandals and a major restructuring programme launched last October.Its market value took a heavy blow this week over fears of contagion from the collapse of two US banks -- Silicon Valley Bank and Signature Bank -- along with the publication of its annual report, which cited 'material weaknesses' in internal controls.
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TIMELINE: How Credit Suisse has evolved over 167 yearsFrom 1856 to 2023, here is an overview of the history of Credit Suisse.
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Swiss central bank throws financial lifeline to Credit Suisse after shares pummeledSwiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank after the flagship Swiss lender’s shares tumbled as much as 30 percent. | Reuters
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Asian markets sink as Credit Suisse fuels bank contagion fearsAsian markets slid Thursday, led again by banks, with contagion talk sweeping across trading floors owing to fears about European giant Credit Suisse.
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Credit Suisse to borrow up to $54B as it seeks to calm investor fearsCredit Suisse said it was taking “decisive action” to strengthen its liquidity by borrowing up to $54 billion from the Swiss central bank after a slump in its shares intensified fears about a broader bank deposit crisis. | Reuters
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Credit Suisse shares leap 35% as markets cheer lifelineCredit Suisse shares jumped by over 35 percent in premarket trading, while the value of its bonds soared after the company secured a $54-billion lifeline from the Swiss National Bank to shore up liquidity and investor confidence. | Reuters
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EXPLAINER: How did Credit Suisse get to crisis point?A string of scandals, top management changes, multibillion-dollar losses, and an uninspiring strategy can be blamed for the mess that the 167-year-old Credit Suisse now finds itself in.
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