"UBS in Negotiations to Acquire Credit Suisse (CS)"

UBS Holds Board Meeting to Discuss Acquisition of CS

Switzerland's largest financial firm UBS is reportedly in negotiations to acquire part or all of Credit Suisse (CS), the country's second-largest bank, which is currently facing a crisis.

On the 17th (local time), major foreign media reported that the Swiss National Bank (SNB), Switzerland's central bank, and the Swiss Financial Market Supervisory Authority are coordinating these negotiations to boost confidence in the nation's banking sector.

[Image source=Reuters Yonhap News]

Accordingly, UBS and CS are expected to hold board meetings over the weekend to discuss UBS's acquisition of CS. Swiss regulators are said to emphasize to the US and UK on the night of the 17th that the merger between UBS and CS is the 'Plan A' to prevent a collapse of investor confidence.

Another foreign media outlet, citing sources, also reported that UBS is exploring options to acquire part or all of CS. The source added that Swiss authorities are pressuring UBS to consider various measures to address CS's crisis, and while the review is ongoing, it is uncertain whether it will lead to a specific agreement.

The asset sizes of UBS and CS are approximately 1,440 trillion won and 750 trillion won, respectively.