According to a rumor spreading in the financial sector, the Swiss government has recently announced that the investment bank will go bankrupt. Credit Suisse seeking an urgent solution. Sources claimed that rival bank UBS operating in the country was quick to buy the bank in question.
According to the news published by the Financial Times yesterday, the Swiss authorities could not find a solution other than the purchase of Credit Suisse by someone else. The government aims to complete the acquisition process of UBS by Monday in order to overcome the confidence crisis. According to the source, a series of emergency measures will be put in place to make the process run faster.
Within the scope of emergency measure; The 6-week consultation process between shareholders, which is required under current law, will be skipped. Authorities also aim to bypass the unanimous procedure required for the purchase to take place.
While the balance sheet of UBS, one of the Swiss banks, is $ 1.1 billion, this figure is around $575 billion for Credit Suisse. If the purchase is made, this event will go down in history as the biggest merger in the financial sector.
BlackRock Denies Allegations!
BlackRock, the world’s largest asset management company, denied the allegations that it would buy Swiss Credit Suisse via Twitter.
BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so.
— BlackRock (@BlackRock) March 18, 2023
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