U.S. authorities weighing in on possible Credit Suisse-UBS deal: Bloomberg News By Reuters

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U.S. authorities weighing in on possible Credit Suisse-UBS deal: Bloomberg News

Stock Markets Mar 18, 2023 01:26PM ET

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U.S. authorities weighing in on possible Credit Suisse-UBS deal: Bloomberg News

(Reuters) - U.S. authorities are working with Swiss counterparts to broker a deal for UBS AG to buy all or part of Credit Suisse Group AG, Bloomberg News reported on Saturday citing people familiar with the matter.

U.S. officials might seek to weigh in on matters which can impact the finals terms of the deal between the banks, according to the report.

An official at the Federal Reserve declined to comment on the report, while the Treasury Department did not immediately respond to a Reuters request for comment.

UBS is mulling a takeover of its embattled Swiss peer, sources have told Reuters. The plan could see the Swiss government offer a guarantee against the risks involved, while Credit Suisse's Swiss business could be spun off.

U.S. and European banking executives and regulators have taken measures to shore up the industry to restore confidence. The Biden administration has moved to backstop consumer deposits while the Swiss central bank loaned billions to Credit Suisse to stabilize its shaky balance sheet.

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Comments (2)

B L Mar 19, 2023 7:09AM ET

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aka: How to decimate the Swiss...

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Prabu Madurai Mar 18, 2023 1:31PM ET

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gold up down

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Nuno Lou Mar 18, 2023 1:31PM ET

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Down if they buy CS

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U.S. authorities weighing in on possible Credit Suisse-UBS deal: Bloomberg News

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