Switzerland may use emergency measures to expedite a deal with UBS and Credit Suisse, reports say
Two of Switzerland's largest banks and their regulators are thrashing out a merger deal that could be fast-tracked by Switzerland, the Financial Times reported.
The Swiss National Bank and Swiss regulators brokered talks between UBS and its embattled smaller rival Credit Suisse as the only way of restoring confidence in the latter lender, the newspaper reported Friday.
Later Saturday, the Times cited people familiar with the situation, reporting that the country is ready to use emergency measures to facilitate a takeover by UBS of Credit Suisse. Typically, UBS would have to allow shareholders weeks before such a deal was made, but with emergency measures, that waiting period could be skipped.
Both UBS and Credit Suisse declined to comment to the FT and Bloomberg.
https://www.msn.com/en-us/money/companies/switzerland-may-use-emergency-measures-to-expedite-a-deal-with-ubs-and-credit-suisse-reports-say/ar-AA18LPKR