: UBS in discussions to buy Credit Suisse: report
UBS Group AG is in talks to buy all or parts of Credit Suisse Group AG, with their boards meeting separately over the weekend to consider the move, the Financial Times reported late Friday.
Swiss regulators are helping the talks as they try to boost confidence on the country’s banking sector, the newspaper reported, citing “multiple people” briefed on the talks. The goal is to arrive at a solution by Monday, although any deal could fall through.
American depositary receipts of Credit Suisse
skyrocketed more than 7% in the extended session Friday, after ending the regular trading day down 7%.
The ADRs are down 24% in the week, contrasting with a weekly gain of 1.4% for the S&P 500 index.
Shares trading in Zurich had their worst week since the 2008 financial crisis.
Earlier this week, Credit Suisse said it was taking a $54 billion lifeline from the Swiss central bank and buying back debt in an effort to stave off some of the pressures building around it even as it has said it does not face the same problems that failed Silicon Valley Bank did.