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.
Category: Business Finance
Topics: Banking Investment People Credit Discussions First Financial Suisse Swiss Bank Billion
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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
Original Article Length: 895 words
Reading Duration: 5 minutes read
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News ID: 1057159