Switzerland Will Save Credit Suisse via UBS Takeover
As part of emergency measures to save Credit Suisse from a potential “collapse of confidence”, the Swiss National Bank (SNB) believes that the best course of action would be for UBS, which is regarded as the largest bank in Switzerland, to completely acquire Credit Suisse.
A Financial Times report sheds light on the matter, highlighting Switzerland’s high preparedness to utilize “emergency measures” in order to accelerate the UBS-Credit Suisse takeover, before the markets open on Monday. According to the report, the takeover will bypass the typical Swiss regulations, which include shareholder votes and a mandatory “six-week” consultation period for shareholders to “consult on the acquisition”.
Both the Swiss National Bank and the Swiss Financial Market Supervisory Authority (FINMA) are doubling up their efforts towards expediting the acquisition process, re-iterating that it remains the “only option” on the table which can truly save the day for Credit Suisse.
Sources:
https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46
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