March 18 (Reuters) – The Swiss Nationwide Financial institution and Swiss regulator FINMA have informed their worldwide counterparts they regard a cope with UBS Group (UBSG.S) as the one method to forestall a collapse in confidence in Credit score Suisse Group (CSGN.S), the Monetary Occasions reported on Saturday.
UBS, Credit score Suisse and key regulators are dashing to finalise a deal on the merger of the 2 Swiss banks as quickly as Saturday night, the FT reported, citing individuals conversant in the matter.
FINMA declined to touch upon the FT report. UBS and Credit score Suisse didn’t instantly reply to a Reuters request for remark.
Reuters earlier reported that UBS was coming beneath strain from the Swiss authorities to hold out a takeover of its native rival to get the market turmoil surrounding Credit score Suisse beneath management. The plan may see the Swiss authorities supply a assure towards the dangers concerned, whereas Credit score Suisse’s Swiss enterprise may very well be spun off.
Reporting by Jyoti Narayan in Bengaluru; Enhancing by Frances Kerry and Hugh Lawson
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