According to the newspaper, the Swiss authorities want a merger to restore confidence in the Alpine country’s banking sector. There would be further consultations this weekend led by the Swiss central bank and the financial regulator Finma.
It is according to the Financial Times not sure a deal will be made between Credit Suisse and UBS, which is led by former ING CEO Ralph Hamers. UBS is Switzerland’s largest bank.
But the unrest flared up again on Friday because the share of the 167-year-old bank fell sharply on the Zurich stock exchange. Reuters reported that at least four major banks including France’s Société Générale and Deutsche Bank have restricted their trading transactions with Credit Suisse.