Switzerland considering nationalizing Credit Suisse

Swiss authorities are full or partial nationalization Credit Suisse in the event of a deal with UBS not closing.

Switzerland is considering either taking over the bank entirely or retaining a significant stake if the takeover of UBS fails due to the complexity of the deal. the short period of time determined to reach an agreement, As reported by Bloomberg.

UBS acquires Credit Suisse, 1,000 million dollars (930 million euros) The country’s officials are preparing a legislative change to speed up the process before Monday, the Financial Times reported on Sunday.

This deal could even happen this Sunday night. price of 0.25 Swiss francs per shareWell below Credit Suisse’s Friday closing price (1.86 Swiss francs).

However, Credit Suisse, which closed Friday with 100,000 TL, a market value of about 7.4 billion francs ($8 billion) believes the offer is too low and will hurt shareholders and employees whose shares are deferred, Bloomberg reported.

The situation is uncertain and may change, Bloomberg revealed that financial authorities are trying to reach a settlement for the bank before the opening of Asian markets in Europe late in the afternoon.

Purchasing UBS brings with it many complexities. The financial institution requires the Government to bear certain legal costs and possible future losses.

HE Swiss Ministry of Finance declined to comment.

Source: Informacion


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