The Swiss National Bank (SNB) and Switzerland’s financial regulator believe that the acquisition of the investment bank Credit Suisse by UBS, Switzerland’s largest bank, is the “only option” to avoid a “collapse of confidence”. at Credit Suisse.
According to a Financial Times of March 18 reports Citing three people familiar with the situation, Switzerland is preparing to use “emergency measures” to speed up UBS’s acquisition of Credit Suisse, in an effort to finalize the acquisition before “markets open on Monday.”
It was noted that the emergency measures put in place would allow the deal to go through without a shareholder vote, bypassing the usual Swiss regulations that require a consultation period of “six weeks” for shareholders “to consult on the acquisition “.
The SNB and the Swiss Financial Market Supervisory Authority (FINMA) were said to be working to “reach a regulatory agreement” on Saturday night, having told their international counterparts that they are “considering an agreement” with UBS. as the “only option” to avoid a “collapse of confidence” at Credit Suisse.
This is a developing story, and more information will be added as it becomes available.
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