The Swiss National Bank (SNB) and Swiss financial regulators say the acquisition of investment bank Credit Suisse by UBS, Switzerland’s largest bank, is the “only option” to prevent a “collapse of trust” in Credit Suisse. reportedly thinking.
According to the Financial Times on March 18, report Switzerland is taking “urgent measures” to speed up UBS’s takeover of Credit Suisse, preparing to complete the deal before “market opening on Monday,” according to three people familiar with the matter.
The emergency measure put in place allows the deal to proceed without a shareholder vote, bypassing the usual Swiss regulation requiring a “six-week” consultation period for shareholders to “consult the takeover”. it was done.
The SNB and the Swiss Financial Market Supervisory Authority (FINMA) were said to be working to “reach a regulatory agreement” by Saturday evening and had asked their international counterparts to “consider a deal with UBS.” It is reported that he was told that it was the “only option” to prevent “doing”. Credit Suisse’s “collapse of trust”.
Related: Burn First Republic and Credit Suisse
This follows US investment firm BlackRock tweeting on March 18 that it had “no interest” in acquiring Credit Suisse.
BlackRock has not participated in, and has no interest in, any plans to acquire all or part of Credit Suisse.
— BlackRock (@BlackRock) March 18, 2023
Previously, the SNB and FINMA released a joint statement on March 15, stating that Credit Suisse has met the “capital and liquidity requirements” imposed on systemically important banks.
The statement said the SNB would “provide liquidity” to Credit Suisse if needed and acknowledged that Credit Suisse was “affected by recent market reactions.”
