Expectation in Switzerland before rumors of the purchase of Credit Suisse by its rival UBS
This information shuffles the possibility of UBS taking over Credit Suisse’s wealth and asset management activities, while it would sell off the business banking. The main economic agents in the country consider this purchase the only solution to avoid the collapse of the bank.
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Headquarters of UBS and Credit Suisse, both located in the central Paradenplatz square in Zurich. Photo: EFE.
Swiss and international financial circles await with high expectation the possible purchase of Credit Suisseafter a week of heart attack on the stock market, by its main Swiss rival, ubs bankan operation that some analysts believe could take place this weekend, in order to avoid a new collapse in the first trading session on Monday.
Rumors of the purchase of Credit Suisse (Switzerland’s second largest bank by market volume) by UBS (first), first published by the Financial Times newspaper, increased today with information from the Bloomberg agency that ensures that the potential purchasing entity has asked the Swiss government for guarantees that a partial or complete takeover of its rival will not cause it legal problems or losses.
This information is considering the possibility that UBS, whose headquarters is a neighbor of Credit Suisse’s in Zürich (both are in the central Paradenplatz square), assumes the wealth and asset management activities of its rival, while it would sell the bank of business.
A UBS-Credit Suisse merger not possible in accordance with national competition regulations, given the dominant position of both in the Swiss banking sector.
The Swiss economic agency AWP affirmed that both the Swiss National Bank (SNB) and the regulatory commission of the stock market (Finma) admit that the purchase of Credit Suisse by UBS is the only solution to avoid the collapse of the bank of the two candles.
Wrapped in serious financial and image problems, the Credit Suisse bank suffered a 24% drop on the Zurich stock market last Wednesday, after its main shareholder since 2022, the Saudi National Bank, assured that it was not going to invest more in the Swiss entity to clean up its battered accounts.
Source: Eitb
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