US asset management firm BlackRock, one of Credit Suisse’s largest shareholders, is considering bidding for the embattled Swiss bank. This was reported by the British business newspaper “Financial Times” on the basis of insiders. They suggest that BlackRock wants to prevent a takeover by Swiss bank UBS. Earlier, the same newspaper reported that UBS is in talks with Credit Suisse about a full or partial takeover.
BlackRock is said to be evaluating a number of options for it to partner with other investors, according to the sources. This may also lead to bidding for some parts of the company. “BlackRock has since announced its intention to take out Credit Suisse, but the bank declined to comment,” the Financial Times reported.
“no interest”
BlackRock denies it is working on a takeover bid. A BlackRock spokesperson told Bloomberg News that “BlackRock is not involved in, and has no interest in, any plans to acquire all or part of Credit Suisse.”
There was great turmoil in the stock markets around Credit Suisse after the collapse of several regional banks in the US. The Swiss Central Bank has already pledged billions of dollars to support Credit Suisse.
disorders
But unrest broke out again yesterday. Shares of the 167-year-old bank fell on the Zurich Stock Exchange. Reuters news agency reported that at least four major banks, including France’s Societe Generale and Deutsche Bank, have restricted their business dealings with Credit Suisse.
There will be further consultations this weekend led by the SNB and financial regulator Finma. According to the Financial Times, it is not certain that a deal will happen between Credit Suisse and UBS, which is being led by former ING CEO Ralph Hamers. UBS is the largest bank in Switzerland.
Unlimited free access to Showbytes? Which can!
Log in or create an account and never miss a thing from the stars.
“Total coffee specialist. Hardcore reader. Incurable music scholar. Web guru. Freelance troublemaker. Problem solver. Travel trailblazer.”
More Stories
Bitcoin fell below $60,000 after the Israeli counterattack, but is recovering
Samsung switches to a six-day work week
Are there enough charging stations and can the electricity grid handle them? The five most frequently asked questions about electric driving