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 speeding to finalise a deal on the merger of the 2 Swiss banks as quickly as Saturday night, the FT reported, citing folks aware of 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 underneath strain from the Swiss authorities to hold out a takeover of its native rival to get the market turmoil surrounding Credit score Suisse underneath management. The plan might see the Swiss authorities supply a assure in opposition to the dangers concerned, whereas Credit score Suisse’s Swiss enterprise could possibly be spun off.
Reporting by Jyoti Narayan in Bengaluru; Modifying by Frances Kerry and Hugh Lawson
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