UBS bank up against clock in Credit Suisse takeover talks
- Merger of this scale, involving swallowing up all or part of a bank, would normally take months; UBS, Switzerland’s biggest bank, will have had a few days
- UBS, whose rival is troubled Credit Suisse, is being urged to get deal over line in bid to avoid contagious panic on markets on Monday
UBS was up against the clock on Sunday in talks to finalise a mammoth takeover of its troubled rival Swiss bank Credit Suisse and reassure investors before the markets reopen.
Switzerland’s biggest bank UBS is being urged by the authorities to get a deal over the line in a bid to avoid a wave of contagious panic on the markets on Monday, according to several media reports.
The wealthy Alpine nation’s largest banks have been in urgent negotiations throughout the weekend, with the government, central bank and financial regulators all involved.
The 20 Minuten newspaper filmed members of the Swiss government, including President Alain Berset, heading into the finance ministry in Bern early on Sunday, with the Swiss news agency ATS reporting that the building’s window shutters had been lowered.
Blick newspaper said UBS will buy Credit Suisse in a deal to be sealed later on Sunday in Bern at a meeting featuring the government and the banks’ executives.
A merger of this scale, involving swallowing up all or part of a bank arousing growing investor unease, would normally take months. UBS will have had a few days.