Swiss government holds talks on options to stabilize Credit Suisse

US mulls more support for banks while giving First Republic time - Bloomberg News

Swiss government holds talks on options to stabilize Credit Suisse - Bloomberg News

Stock Markets Mar 15, 2023 03:01PM ET

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Swiss government holds talks on options to stabilize Credit Suisse - Bloomberg News

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(Reuters) - Swiss authorities and Credit Suisse Group AG are discussing ways to stabilize the bank, Bloomberg reported on Wednesday, citing people familiar with the matter.

Credit Suisse leaders and government officials have talked about options that range from a public statement of support to a potential liquidity backstop, the report said.

Other suggested potential moves for Credit Suisse could be a potential separation of their Swiss unit and a tie-up with their larger Swiss competitor, UBS Group AG (SIX:UBSG), the report said, adding that it's unclear which, if any of these steps will actually be executed.

Switzerland is under pressure from at least one major government to intervene quickly on Credit Suisse, a source familiar with the situation told Reuters, after the Swiss bank led a rout of European bank stocks on Wednesday.

Credit Suisse shares dropped by as much as 30.8%, leading a 7% fall in the European banking index .SX7P, while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, reviving fears of a broader threat to the financial system.

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