The Swiss government is to hold a news conference after reports of UBS agreeing to buy the embattled Credit Suisse for more than $2bn. Watch the news conference live on Sky News 📺
The Swiss government is to hold a news conference after reports of UBS agreeing to buy the embattled Credit Suisse for more than $2bn.
The Financial Times reported on Sunday that a deal had been agreed after UBS upped its offer - however, both UBS and Credit Suisse declined to comment on the reports. It follows reports Credit Suisse had been resisting an offer from its bigger rival of up to $1bn, believing it to be too low and that it would hurt shareholders and employees who hold deferred stock.
As one of 30 global banks seen as systemically important, any deal for Credit Suisse could have major repercussions forAs a last resort, Swiss authorities have reportedly considered a full or partial nationalisation of the bank.
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