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The largest Swiss bank UBS is in talks to acquire Credit Suisse – EntornoInteligente

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The largest Swiss bank UBS is in talks to acquire Credit Suisse – EntornoInteligente
Caracas.- Switzerland’s largest bank UBS is in talks to acquire the country’s second-largest bank, Credit Suisse, which is struggling, the Financial Times reported, citing people familiar with the matter.

The sources detailed that the negotiations were organized by the Swiss National Bank and the regulator Finma, in an attempt to shore up confidence in the country’s banking sector. For now, a decision has not yet been made on whether the acquisition would be full or partial, they added.

The issuance of the loan by the Swiss National Bank to Credit Suisse has failed to stop the fall in the price of the shares of the financial institution.

Thus, the boards of directors of the two largest banks in Switzerland will meet over the weekend to address the matter. According to one of the informants, the goal is to agree a solution before the markets open on Monday, but there are no guarantees that an agreement will be reached.

Meanwhile, both parties are trying to assess regulatory constraints in different jurisdictions, and UBS is also looking at potential risks the acquisition could have for its own business.

Credit Suisse suffered significant losses this week as a result of the banking crisis affecting the United States and after its main shareholder, the Saudi National Bank, announced that it would not inject more money into the entity.

In this context, the Swiss central bank was forced to lend Credit Suisse 50 billion francs, equivalent to about 53.6 billion dollars.

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