Swiss banking giant UBS 'in talks to takeover troubled rival Credit Suisse'

But the bank, among a small group of financial companies that have been deemed too big to fail, is loss-making and in recent years has been hit with a string of problems.

This week Credit Suisse received a loan from Swiss National Bank of up to £44.5bn to backstop it, but the move failed to reassure markets and its shares tumbled 24 percent, sparking a wider sell-off on European markets. UBS is reportedly offering to pay up to $1bn for the troubled lender, though Credit Suisse was said to be unhappy with the deeply discounted offer.A sign of Credit Suisse is seen behind a clock at the headquarters of Switzerland's second-biggest bank in Zurich on March 18, 2023.The deal currently believed to be on the table would value Credit Suisse at around £7billion dollars less than its value at market close on Friday.

UBS is said to have asked the Swiss government for around $6bn to cover costs if it were to buy the bank, sources quoted by Reuters said.

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UK regulators back merger of banking giants Credit Suisse and UBSThe Bank of England has told its Swiss counterpart and the country's two biggest banks that it will not object to an emergency merger, Sky News understands. Of course they have .. they're trying to stave of a total collapse of the banking system. PEOWWWW $EURUSD ROCKET TIME, back on course for short term top test. All planned, all this shit. Exactly 👇
Source: SkyNews - 🏆 35. / 67 Read more »