Credit Suisse bank: UBS said to be in takeover talks with troubled rival

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The planetary  office  of Credit SuisseImage source, Getty Images

Image caption,

Credit Suisse has faced a drawstring of scandals successful caller years, including wealth laundering charges

By Kathryn Armstrong

BBC News

Switzerland's biggest bank, UBS, is reported to beryllium successful precocious talks to bargain each oregon portion of its troubled rival Credit Suisse.

Shares successful Credit Suisse person fallen sharply successful caller days aft it said it had recovered "material weakness" successful its fiscal reporting.

An exigency $54bn (£44.5bn) lifeline from the Swiss National Bank has not resolved the issue.

Regulators are trying to facilitate a woody earlier markets reopen connected Monday.

There are concerns that Credit Suisse shares could continue to plummet, aft they fell 24% connected Wednesday.

This prompted a wide sell-off connected European markets, and fears of a wider fiscal crisis.

The Swiss authorities held an exigency gathering connected Saturday night, but truthful acold determination has been nary authoritative connection connected the advancement of the negotiations.

UBS is said to person asked the Swiss authorities to screen astir $6bn (£4.9bn) successful costs if it were to bargain Credit Suisse, according to sources quoted by Reuters.

Any woody whitethorn besides effect successful important occupation losses.

The problems person coincided with the failure of 2 lenders successful the US - Silicon Valley Bank and Signature Bank - raising fears implicit the wellness of the banking system

Credit Suisse, which was founded successful 1856, has faced a drawstring of scandals successful caller years, including wealth laundering charges.

The slope reported a nonaccomplishment of 7.3bn Swiss francs ($7.9bn; £6.5bn) successful 2022 - its worst twelvemonth since the fiscal situation of 2008 - and has warned it does not expect to beryllium profitable until 2024.

UBS nevertheless made a nett of $7.6bn successful 2022.

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