March 20, 2023

Credit Suisse UBS merger: The weekend will determine the future of Credit Suisse, UBS has a plan. The Credit Suisse UBS May merger board will meet over the weekend

This weekend is going to be very special for Credit Suisse in Switzerland. What does the future hold for Credit Suisse, which is already facing a cash crunch? What is the plan of the board of Union Bank of Switzerland, everything can be known here.

What does the future hold for Credit Suisse, which is already facing a cash crunch?

Image Credit Source: Representational Image

This weekend is going to be a special one for Credit Suisse in Switzerland facing a cash crunch. Credit Suisse Chief Financial Officer Dixit Joshi is set to hold a key meeting with his team over the weekend on what the future holds for the financial group. At the same time, the board of Union Bank of Switzerland (UBS) will decide on a strategy to buy Credit Suisse, also due to be decided over the weekend.

Switzerland’s banking regulators have ordered Credit Suisse to manage a $30 billion loan. But sources say regulators want Credit Suisse and UBS to merge. According to a report in the Financial Times, the boards of both UBS and Credit Suisse are set to hold separate meetings over the weekend.

Credit Suisse stocks climb

Shares of Credit Suisse rose 9 percent after the news. The last two weeks have been turbulent in the global banking sector. The crisis started with the collapse of Silicon Valley Bank in America. It later reached Europe with the help of Credit Suisse. The history of Credit Suisse Bank is also 167 years old.

Also read this

Buy UBS Credit Suisse?

The Financial Times itself reports that YBS is planning to buy or outright buy a part of Credit Suisse. Credit Suisse has been assured of emergency financing, yet it has failed to win investor confidence.

UBS plans to buy Credit Suisse. But both banks do not want to merge with each other. Although Swiss regulators are in favor, they cannot force banks to do so because they do not have the power to do so.

Credit Suisse’s growing crisis can be inferred from the fact that major banks such as Societe Generale and Deutsche Bank have for the time being banned from dealing with it or its shares.

Leave a Reply

Your email address will not be published. Required fields are marked *