UBS Group (NYSE:UBS ) is in talks to acquire all or part of Credit Suisse (NYSE:CS ) in what would be the most significant banking merger in Europe si

UBS said to be in talks to take over embattled lender Credit Suisse

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2023-03-17 22:30:02

UBS Group (NYSE:UBS ) is in talks to acquire all or part of Credit Suisse (NYSE:CS ) in what would be the most significant banking merger in Europe since the 2008 Great Recession, the Financial Times reported Friday, citing people familiar with the matter.

The discussions, orchestrated by the Swiss National Bank and Swiss Financial Market Supervisory Authority in an effort to restore confidence in the country's banking sector, come just days after the central bank reportedly gave Credit Suisse (CS) an emergency $54B credit line.

As of Friday's close, UBS (UBS) had a market cap of $57.9B, while Credit Suisse (CS), which has seen its stock plunge 73% Y/Y , finished the session with an $8.6B market value.

The two Swiss banks are talking about an array of solutions, another person told the FT, while noting that UBS (UBS) is assessing the potential risks a deal could have for itself.

The SNB is hoping a solution will be finalized before Monday's market open, one of the people told the FT, adding that there is no guarantee an agreement will be reached.