Friday, March 31, 2023

UBS seeks $6 billion in government guarantees for Credit Suisse takeover

UBS seeks $6 billion in government guarantees for Credit Suisse takeover

UBS AG is asking the Swiss authorities to cowl about $6 billion
in prices if it had been to purchase Credit Suisse (CSGN.S), an individual with
information of the talks stated, as the 2 sides raced to hammer
collectively a deal to revive confidence within the ailing Swiss financial institution,
Trend experiences citing

The 167-year-old Credit Suisse is the most important identify ensnared in
the turmoil unleashed by the collapse of U.S. lenders Silicon
Valley Bank and Signature Bank over the previous week, spurring a rout
in banking shares and prompting authorities to hurry out
extraordinary measures to maintain banks afloat.

The $6 billion in authorities ensures UBS is in search of would
cowl the price of winding down components of Credit Suisse and potential
litigation costs, two individuals instructed Reuters.

One of the sources cautioned that the talks to resolve the
disaster of confidence in Credit Suisse are encountering important
obstacles, and 10,000 jobs could should be reduce if the 2 banks

Swiss regulators are racing to current an answer for Credit
Suisse earlier than markets reopen on Monday, however the complexities of
combining two behemoths raises the prospect that talks will final
effectively into Sunday, stated the particular person, who requested to stay nameless
due to the sensitivity of the scenario.

Credit Suisse, UBS and the Swiss authorities declined to

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