UBS in discussions to buy Credit Suisse: report
Published: 17 March 2023 at 17:59 ET
UBS Group AG is in talks to buy all or part of Credit Suisse Group AG, and their boards are meeting separately over the weekend to consider the move, the Financial Times reported late Friday.
Swiss regulators are helping the talks as they try to boost confidence in the country’s banking sector, the newspaper reported, citing “several people” who were briefed on the talks. The aim is to reach a solution by Monday, although any agreement can fall through.
American…
UBS Group AG is in talks to buy all or part of Credit Suisse Group AG, and their boards are meeting separately over the weekend to consider the move, the Financial Times reported late Friday.
Swiss regulators are helping the talks as they try to boost confidence in the country̵[ads1]7;s banking sector, the newspaper reported, citing “several people” who were briefed on the talks. The aim is to reach a solution by Monday, although any agreement can fall through.
American Depository Receipts from Credit Suisse
CS
rose more than 7% in the extended session Friday, after ending the regular trading day down 7%.
ADRs are down 24% for the week, in contrast to a weekly gain of 1.4% for the S&P 500 index.
SPX
Stock trading in Zurich had its worst week since the 2008 financial crisis.
Earlier this week, Credit Suisse said it took a $54 billion lifeline from the Swiss central bank and bought back debt in a bid to fend off some of the pressure building around it, although it has said it is not facing the same problems which failed. Silicon Valley Bank did.
