UBS seeks Swiss backstop in any Credit Suisse deal

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

UBS seeks Swiss backstop in any Credit Suisse deal - Bloomberg News

Stock Markets Mar 18, 2023 08:15AM ET

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UBS seeks Swiss backstop in any Credit Suisse deal - Bloomberg News

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(Reuters) - UBS Group AG (SIX:UBSG) is asking the Swiss government for a backstop if it were to buy Credit Suisse Group AG, Bloomberg News reported on Saturday.

UBS is discussing scenarios in which the government would take on certain legal costs or other specific losses in any deal, the report said, citing people with knowledge of the matter.

Under one likely scenario, the deal would involve UBS acquiring Credit Suisse to obtain its wealth and asset management units, while possibly divesting the investment banking division, the report added.

UBS Group and Credit Suisse did not immediately respond to Reuters requests for comment.

Reuters reported earlier that Credit Suisse is weighing several survival options as regulators urge the investment bank to pursue a deal with UBS.

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Comments (2)

Alok Chauhan Mar 18, 2023 8:33AM ET

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right hindburg just tried to attack on indian economy,,,they should have analysed on their system first ,,,,

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Swagata Das Mar 18, 2023 8:31AM ET

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they should have rated and analysed themselves before Adani, a hopeless organisation

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UBS seeks Swiss backstop in any Credit Suisse deal - Bloomberg News

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