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Sunday, April 2, 2023

Crunch weekend for crisis-hit Credit Suisse

Takeover by Swiss rival UBS emerges as a highly possible scenario to restore confidence

(Photo: AFP)

ZURICH: Troubled Credit Suisse has two days to reassure investors before the markets open on Monday with the spectre of another turbulent week in global finance looming.

The Zurich-based lender was holding crisis talks over the weekend and urgent meetings with Swiss banking and regulatory authorities.

On Friday, the Financial Times reported that Switzerland’s largest bank, UBS, is in talks to buy all or part of Credit Suisse, with the blessing of the Swiss regulatory authorities.

The Swiss National Bank (SNB) “wants the lenders to agree on a simple and straightforward solution before markets open on…

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