Credit Suisse building in Zurich on November 23, 2022.
ZURICH – Swiss regulators are pushing Credit Suisse and UBS to to connect. But neither of them wants it. This was written by the Reuters agency today with reference to an informed source. Credit Suisse, Switzerland's second largest bank, which has run into difficulties, will discuss strategic scenarios for its future at the weekend. According to some analysts, one of the possible steps is a takeover by the largest Swiss bank, UBS. Its management will also hold a meeting at the weekend.
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Credit Suisse announced this week that it will use the option to borrow up to 50 billion Swiss francs (CZK 1.2 trillion) from the Swiss central bank to boost liquidity. According to a Reuters analysis, however, this is only buying time and, for example, the American investment bank JPMorgan considers the takeover of UBS to be the most likely scenario. in the last two years, it has found serious deficiencies.
The financial markets have also been under tension in recent days due to the collapse of the American financial institutions Silicon Valley Bank (SVB) and Signature Bank. The development prompted US President Joe Biden to call on Congress on Friday to allow regulators to crack down on executives at failed banks. He also expressed his belief that the banking crisis has calmed down.
However, according to Reuters, concerns about broader problems in the banking sector remain.
