UBS
Group could complete a takeover of
Credit Suisse
Group as soon as Saturday evening, according to the Financial Times, as regulators rush to ink a merger of Switzerland’s two largest banks against a backdrop of industry turmoil. The potential end of the storied bank shows how far and how quickly worries have spread about the financial sector.
Both the
Swiss National Bank
and regulator Finma now see UBS’s (ticker: UBS) purchase as the only option to tame mounting woes at Credit Suisse (CS), the FT reported on Saturday, citing anonymous sources close to the negotiations. The Wall Street Journal is also reporting that UBS, Credit Suisse, and regulators are nearing a deal.
