Posted: March 17, 2023 5:59 PM ET
UBS Group AG is in talks to buy all or part of Credit Suisse Group AG, with their boards meeting separately over the weekend to consider the move, the Financial Times reported on Friday.
Swiss regulators are helping the talks as they try to build confidence in the country’s banking sector, the newspaper reported, citing “several people” briefed on the talks. The aim is to reach a solution by Monday, although any agreement could fall through.
American…
UBS Group AG is in talks to buy all or part of Credit Suisse Group AG, with their boards meeting separately over the weekend to consider the move, the Financial Times reported on Friday.
Swiss regulators are helping the talks as they try to build confidence in the country’s banking sector, the newspaper reported, citing “several people” briefed on the talks. The aim is to reach a solution by Monday, although any agreement could fall through.
Credit Suisse US Certificates of Deposit
CS
soared more than 7% in Friday’s extended session, after ending the regular trading day down 7%.
ADRs are down 24% on the week, contrasting with a weekly gain of 1.4% for the S&P 500 index.
SPX
Equity trading in Zurich had its worst week since the 2008 financial crisis.
Earlier this week, Credit Suisse said it was taking a $54 billion lifeline from the Swiss central bank and buying up debt in a bid to head off some of the pressures around it. , although he said he did not experience the same problems that failed. Silicon Valley Bank did.