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Swiss government orchestrating UBS acquisition of Credit Suisse
Then maybe the U.S. Federal Reserve will buy Switzerland.
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By Laura Noonan, Stephen Morris, Arash Massoudi, James Fontanella-Khan, and Owen Walker
Financial Times, London
Friday, March 17, 2023
UBS is in discussions to take over all or part of Credit Suisse, with the boards of Switzerland's two biggest lenders set to meet separately over the weekend to consider Europe's most consequential banking combination since the financial crisis, according to multiple people briefed on the talks.
The Swiss National Bank and regulator FINMA are orchestrating the talks in an attempt to shore up confidence in the country's banking sector, the people said.
Their intervention comes days after the central bank was forced to provide an emergency SFr50 billion ($54 billion) credit line to Credit Suisse.
However, this failed to arrest a slide in its share price, which has fallen to record lows after its largest investor ruled out providing any more capital and its chair admitted that an exodus of wealth management clients had continued.
UBS has a market value of $56.6 billion, while shares in Credit Suisse closed Friday with a value of $8 billion.
Swiss regulators told their US and UK counterparts Friday evening that merging the two banks was their "Plan A" to arrest a collapse in confidence in Credit Suisse, a person familiar with those discussions told the FT. ...
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