Credit Suisse, BlackRock also in the running?
Also BlackRock interested in Swiss credit? While waiting to see if the pressure from the Swiss authorities will convince UBS to take charge of the institution in crisis, alternatives could arise from overseas. A mystery broke out on BlackRock this morning.
Il Financial Times had in fact reported that BlackRock was working on an offer competing with that of Ubs to take over the activities of Credit Suisse. The London newspaper explains that BlackRock has not yet finalized an offer and is evaluating various options. But a spokesman for the US fund shortly afterward denied a Bloomberg BlackRock’s willingness to participate in the acquisition of all or part of Credit Suisse. The fund, explained the spokesman, “is not participating in any plan to acquire all or part of Credit Suisse and has no interest in doing so”.
The role of Larry Fink
In its article, the FT underlined that a link existed between BlackRock and the Swiss bank. In fact, the London newspaper claimed, he would be working on the operation Larry Finkco-founder and chief executive officer of BlackRock, who previously worked at First Boston, the investment banking business of Credit Suisse.
It should also not be forgotten that the US fund has long been one of the major investment banking clients of the Swiss institution and a possible agreement for its American branch, for example, would make it possible to bring trading capacity within the company. But, as mentioned, BlackRock’s denial then came.