July 18, 2024

Solid State Lighting Design

Find latest world news and headlines today based on politics, crime, entertainment, sports, lifestyle, technology and many more

UBS in Discussions to Buy Credit Suisse: Report

UBS in Discussions to Buy Credit Suisse: Report

Posted: March 17, 2023 at 5:59 PM ET

The Financial Times reported late Friday that UBS Group AG is in talks to buy all or parts of Credit Suisse Group AG, with its board meeting separately over the weekend to consider the move.

Citing “several people” briefed on the talks, the newspaper reported that Swiss regulators are helping the talks as they try to boost confidence in the country’s banking sector. The goal is to find a solution by Monday, though any deal is likely to fail.

American…

The Financial Times reported late Friday that UBS Group AG is in talks to buy all or parts of Credit Suisse Group AG, with its board meeting separately over the weekend to consider the move.

Citing “several people” briefed on the talks, the newspaper reported that Swiss regulators are helping the talks as they try to boost confidence in the country’s banking sector. The goal is to find a solution by Monday, though any deal is likely to fail.

Credit Suisse American Depositary Receipts

C.S

It jumped more than 7% in Friday’s extended session, after ending the regular trading day down 7%.

ADRs are down 24% for the week, in contrast to the S&P 500’s 1.4% weekly gain.

SPX

Zurich stocks traded in their worst week since the 2008 financial crisis.

Earlier this week, Credit Suisse said it was taking a $54 billion lifeline from the Swiss central bank and buying back debt in an effort to stave off some of the pressure mounting around it although it said it was not facing the same problems that failed. Silicon Valley Bank did.

See also  2 Holland America crew members die during an “accident” on a cruise ship