Credit Suisse talks extend into Sunday as markets await UBS deal

Quick Summary

March 19, 2023 5:57 PM - ZURICH - Talks to contain the crisis of confidence in Credit Suisse Group AG extended into Sunday, with Swiss officials and UBS Group AG racing to put together a deal to take over or break up the battered lender before markets open in Asia.

Credit Suisse’s market value has plunged to about 7.4 billion Swiss francs, from a 2007 peak of more than 100 billion francs.

The complex discussions over what would be the first combination of two global systemically important banks since the financial crisis have seen Swiss and US authorities weigh in, some of the people said.

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News Analysis

Category: Business Finance

Topics: Banking Investment People Credit Discussions First Financial Suisse Swiss Bank Billion

Source Website Secure: Yes (HTTPS)

Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

News Source URL: straitstimes.com

Readership Location: Singapore

Published Date: 2023-03-19, 17:57:08

News Timezone: GMT +8:00

Language: English

Original Article Length: 895 words

Reading Duration: 5 minutes read

Compatibility: Desktop Web, Mobile Web, iOS App, Android App

News ID: 1057159

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Name: The Straits Times

Main Topics: BusinessFinance

Official Website: straitstimes.com

Last Update: 4h ago

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