The latest slump came just a day after the Swiss central bank said it would lend up to $54bn (£44bn) to shore up Credit Suisse. It came as European banks were racing to cut back ties to Credit Suisse on Friday night as executives at the troubled lender prepared for weekend crisis talks over its future.Īt least four rivals were restricting or more closely scrutinising trades with the Swiss bank on Friday evening, including HSBC, Societe Generale and Deutsche Bank.Ĭredit Suisse, which insists it has strong, healthy finances, declined to comment on the reports.Įfforts to restore confidence fell flat on Friday, with the bank’s shares falling by as much as 12pc.
UBS is worth more than $56bn, while Credit Suisse closed on Friday with a value of $8bn after its share price tanked this week. The potential takeover, which was first reported by the Financial Times, will see the boards of both companies meet separately over the weekend to weigh up a potential deal. Switzerland's central bank and Finma, the country's financial regulator, were said to be orchestrating talks between the two companies, which could see UBS snap up all or part of its beleaguered rival. UBS is reportedly in talks to buy Credit Suisse as Swiss regulators bring the country's two biggest banks to the table in a bid to prevent a broader crisis.
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