UBS in talks to acquire Credit Suisse

Banking giant UBS is in discussions to take over all or parts of Credit Suisse, with the boards of Switzerland’s two biggest lenders set to meet separately over the weekend, the FT reported on Friday, citing multiple people briefed on the talks.

The Swiss National Bank and regulator FINMA are organising the talks in an attempt to build confidence in the country’s banking sector, the report added.

Bloomberg reported on Thursday that UBS Group AG and Credit Suisse were opposed to a forced merger, with UBS preferring to focus on its own wealth-centric strategy and reluctant to take on risks related to its smaller rival.

Credit Suisse and UBS declined to comment on the report.

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