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Switzerland prepares emergency measures to deliver UBS takeover of Credit Suisse
By Laura Noonan, Stephen Morris, James Fontanella-Khan,
Arash Massoudi, and Owen Walker
Financial Times, London
Saturday, March 18, 2023
Switzerland is preparing to use emergency measures to fast-track the takeover by UBS of Credit Suisse, according to three people familiar with the situation, as the banks and their regulators rush to seal a merger deal.
Under Swiss rules, UBS would typically have to give shareholders six weeks to consult on the acquisition, which would combine Switzerland's two biggest lenders.
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Three people briefed on the situation said UBS had indicated that emergency measures would be used so it could skip the consultation period. The details are still being worked out, one of the people said.
Switzerland's regulators and its finance ministry did not immediately respond to requests for comment. The Swiss central bank, Credit Suisse, and UBS declined to comment.
The Swiss National Bank and regulator FINMA have told international counterparts that they regard a deal with UBS as the only option to arrest a collapse in confidence in Credit Suisse and are working to reach regulatory agreement by tonight. ...
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