Published: March 17, 2023 at 5:59 PM ET
UBS Group AG is in talks to acquire all or part of Credit Suisse Group AG, with their boards meeting separately over the weekend to consider the move, the Financial Times reported late Friday.
Swiss regulators are helping the talks as they try to boost confidence in the country’s banking sector, the paper reported, citing “several people” who knew about the talks. The aim is to reach a solution on Monday, although any deal could fail.
American…
UBS Group AG is in talks to acquire all or part of Credit Suisse Group AG, with their boards meeting separately over the weekend to consider the move, the Financial Times reported late Friday.
Swiss regulators are helping the talks as they try to boost confidence in the country’s banking sector, the paper reported, citing “several people” who knew about the talks. The aim is to reach a solution on Monday, although any deal could fail.
American certificates from Credit Suisse
CS
soared more than 7% in Friday’s extended session after finishing the regular trading day up 7%.
ADRs are down 24% this week as opposed to a 1.4% weekly gain for the S&P 500 index.
SPX
Stock trading in Zurich experienced its worst week since the 2008 financial crisis.
Earlier this week, Credit Suisse said it snatched a $54 billion bailout from the Swiss central bank and bought back debt in an effort to deflect some of the pressure that was building around it, even though it has said it isn’t experiencing the same problems. that failed. Silicon Valley Bank does.