UBS in Talks to Acquire Credit Suisse: Major Banking Shakeup in Switzerland 🇨🇭

BANK TO BANK ASSISTANCE

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 on Friday, March 17, 2023, its shares had dropped eight percent. The Swiss National Bank (SNB) 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. UBS wants to assess what risks a full or partial takeover of its rival could pose to its own business, another source told the FT. 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 program launched last October.

PHOTOS BY: AP

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