Advanced negotiations for the acquisition of Credit Suisse by UBS
UBS, Switzerland’s largest bank, is in advanced talks to buy rival Credit Suisse and avert a meltdown, multiple media reports said, in an effort to reassure investors and avoid panic in markets on Monday. According to the Financial Times newspaper, an agreement could be reached already in the next few hours. Swiss government met on Saturday afternoon to discuss Credit Suisse’s situation, reports national news agency Keystone-Ats. According to the Nzz newspaper, the seven members of the Federal Council met for two hours.
According to the Financial Times, which cites two sources, at the end of last week Credit Suisse clients withdrew deposits worth 10 billion Swiss francs in a single day. According to the Bloomberg agency, Ubs is asking the public authorities to bear the legal costs and potential losses. The discussions focus on the investment banking business: one of the scenarios being studied is that of an acquisition of assets and wealth management only with the sale of the investment bank. Discussions also focus on the fate of Credit Suisse’s Swiss branch, one of the profitable parts of the group which lost 7.3 billion Swiss francs last year and is still counting on “substantial” losses in 2023. This arm brings together banking services at the retail and loans to SMEs. One of the avenues considered by analysts is that of an IPO, which would also avoid massive layoffs in Switzerland due to duplication with UBS’s activities.
Sharon Stone cries: ‘I lost half my money with Silicon Valley Bank’
UBS is reportedly seeking government guarantees of around $6 billion for a potential takeover of Credit Suisse. Reuters reports it on its website, citing sources close to the dossier. Talks are still ongoing and the figure could change as several scenarios are still being reviewed. The guarantees would cover the cost of liquidating parts of Credit Suisse and potential legal costs. Meanwhile, First Citizens BancShares is evaluating an offer to buy Silicon Valley Bank (SVB), which went bankrupt for a few days. Bloomberg reports it, citing sources familiar with the possible purchase.
“I just lost half my money on this banking thing, but despite this I’m here”. To say it, at the charity gala ‘An Unforgettable Evening‘ (‘A Memorable Evening’) organized in Beverly Hills by the Women’s Cancer Research Fund, is Sharon Stone who, as reported by Paris Match, on stage at the Four Seasons referred to a ‘banking matter’ which most likely refers to the recent collapse of the Silicon Valley Bank.
The American star was honored last Thursday, and took to the stage of the ballroom of the Four Seasons to collect his Courage Award. The actress then gave a touching speech, overcome with emotion. The 65-year-old star spoke before her, causing the gathering, which included Adam Levine and his wife Behati Prinsloo, Paul Wesley and Rebel Wilson, among others. But her laughter soon gave way to emotion as Sharon Stone reflected on the benign tumors that had been removed from her breast in 2001, prior to breast reconstructive surgery. “These mammograms are no fun,” she said, encouraging her audience to monitor their health and get regular exams. Last November, the actress announced that doctors had found another benign tumor, this time in her uterus.
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