The Swiss National Bank (SNB) and Switzerland’s financial regulator believe that the acquisition of investment bank Credit Suisse by UBS, Switzerland’s largest bank, is the “only option” to prevent a “collapse in confidence” in Credit Suisse.
According to a report by the Financial Times, Switzerland is preparing to use “emergency measures” to accelerate the takeover by UBS of Credit Suisse.
The measures would allow the deal to proceed without a shareholder vote, bypassing the usual Swiss regulations that require a six-week consultation period.
The SNB and the Swiss Financial Market Supervisory Authority are reportedly working to “reach regulatory agreement” by Saturday night to finalize the acquisition before markets open on Monday.
The combined entity would make up no more than a third of the merged group. UBS reportedly has $1.1tn total assets on its balance sheet, while Credit Suisse has $575bn.
