Under Swiss regulations, UBS normally has to give its shareholders six weeks to consider the acquisition. With the emergency measures, that consultation period is skipped, although the exact details are still being worked out.
There has been great unrest on the stock markets around Credit Suisse after the collapse of several regional banks in the United States. The Swiss central bank has already pledged billions in support to the bank.
On Saturday evening, the Swiss authorities and the two Swiss banks are reportedly eager to find a solution. None of the parties involved declined to comment. According to the Financial Times, UBS, Switzerland’s largest bank, is seen by central bank and regulator Finma as the only option to take over Credit Suisse.
UBS, led by former ING CEO Ralph Hamers, would especially struggle with the acquisition of the investment bank from Credit Suisse, which has previously caused scandals and losses. According to insiders, UBS therefore demands guarantees from the Swiss government against certain risks.