UBS seals Credit Suisse takeover in bid to calm markets
“With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss central bank said.
The Swiss Financial Market Supervisory Authority said it will be possible to continue all the business activities of both banks with no restrictions or interruptions. FINMA said it will coordinate with national and international authorities, namely the U.S. Federal Reserve and the British Prudential Regulation Authority.
At least two major banks in Europe are examining scenarios of contagion possibly spreading in the region’s banking sector and looking to the Federal Reserve and the European Central Bank to step in with stronger signals of support, two senior executives with knowledge of the discussions said. The fallout from the crisis of confidence in Credit Suisse and the failure of the two U.S. banks could ripple through the financial system this week, the two executives separately told Reuters on Sunday.Article contentin central bank funding as it tries to recover from scandals that have undermined the confidence of investors and clients.
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