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UBS, Credit Suisse Oppose Idea Of Forced Combination

By  |  March 17, 2023

According to Bloomberg News’ Thursday report, UBS Group and Credit Suisse are both against any type of coerced merger.

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    UBS prefers to focus on its own wealth-centric strategy and is reluctant to take on risks related to Credit Suisse, the report said, as the smaller rival seeks additional time to complete its restructuring efforts after receiving financial support from the Swiss central bank.

    Read more: Credit Suisse May Seek UBS Merger

    JPMorgan analysts asserted on Wednesday that the current consensus is that Credit Suisse will be taken over by a different lender, most likely UBS.

    Credit Suisse sought to restore investor confidence on Thursday by borrowing up to $54 billion from the Swiss National Bank after a slump in its shares had intensified fears of a global banking crisis set off by a collapse of two mid-sized U.S. lenders.

    Credit Suisse got into trouble after it was unable to raise new capital from its largest shareholder, the Saudi National Bank, during a troubled restructuring process for its investment bank.