Published: March 17, 2023 at 5:59 pm ET
UBS Group AG is in talks to buy all or part of Credit Suisse Group AG, with their boards meeting separately over the weekend to consider the move, the Financial Times reported late Friday.
Swiss regulators are helping the talks as they try to boost confidence in the country’s banking sector, the newspaper reported, citing “several people”. The goal is to reach a settlement by Monday, though any deal could fall apart.
American…
UBS Group AG is in talks to buy all or part of Credit Suisse Group AG, with their boards meeting separately over the weekend to consider the move, the Financial Times reported late Friday.
Swiss regulators are helping the talks as they try to boost confidence in the country’s banking sector, the newspaper reported, citing “several people”. The goal is to reach a settlement by Monday, though any deal could fall apart.
American Depositary Receipts of Credit Suisse
CS
It rose more than 7% in Friday’s extended session, ending the regular trading day down 7%.
ADRs fell 24% for the week, in contrast to the S&P 500 index’s weekly gain of 1.4%.
SPX
Stock trading in Zurich had its worst week since the 2008 financial crisis.
Earlier this week, Credit Suisse said it would take a $54 billion lifeline from the Swiss central bank and buy back debt in an effort to stave off some of the pressure around it. Silicon Valley Bank did.