UBS Takeover of Credit Suisse Could Be Imminent: Report

[] 1 week ago by Teresa Rivas

March 18, 2023 3:48 pm ET

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UBS Group could complete a takeover of Credit Suisse Group as soon as Saturday evening, according to the Financial Times, as regulators rush to ink a merger of Switzerland’s two largest banks against a backdrop of industry turmoil.

Both the Swiss National Bank and regulator Finma now see UBS’s (ticker: UBS) purchase as the only option to tame mounting woes at Credit Suisse (CS), the FT reported on Saturday, citing anonymous sources close to the negotiations.