Authorities were scrambling to rescue Credit Suisse before financial markets opened as UBS sought $6 billion from the Swiss government as part of a possible purchase of its rival
to shore up the sector following the collapse of U.S. lenders Silicon Valley Bank and Signature Bank.
U.S. President Joe Biden's administration moved to backstop consumer deposits while the Swiss central bankfrom the Swiss authorities to take over its local rival to get the crisis under control, two people with knowledge of the matter said.that the takeover talks were throwing into doubt plans to hive off its investment bank under the First Boston brand.
SVB and Signature's collapses are the largest bank failures in U.S. history behind the demise of Washington Mutual during the global financial crisis in 2008. U.S. Senator Elizabeth Warren, who is pushing tighter banking regulation, hasBanking stocks globally have been battered with the S&P Banks indexU.S. banks have sought a record $153 billion in
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UBS seeks Swiss backstop in any Credit Suisse deal - Bloomberg NewsUBS Group AG is asking the Swiss government for a backstop if it were to buy Credit Suisse Group AG , Bloomberg News reported on Saturday.
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UBS mulls takeover of Credit Suisse with possible Swiss government guaranteesUBS is examining a takeover of Credit Suisse that could see the Swiss government offer a guarantee against the risks involved, said two people with knowledge of the matter on Saturday.
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Credit Suisse faces demise as UBS, Swiss regulators discuss takeoverFuture of 167-year-old Credit Suisse in question amid reports of a takeover by rival UBS as soon as Saturday evening as world economies scramble to prevent another global financial contagion
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UBS closing in on deal to buy fellow Swiss bank Credit SuisseSwiss bank UBS Group is closing in on a deal to take over its rival Credit Suisse amid a weekend of frenzied negotiations, according to multiple reports.
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Crunch time for Credit Suisse talks as UBS seeks Swiss assurances By Reuters*CRUNCH TIME FOR CREDIT SUISSE AS UBS AND SWISS REGULATORS RUSH TO SEAL TAKEOVER DEAL AS SOON AS SUNDAY: REPORTS
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UBS in discussions to buy Credit Suisse: reportUBS Group AG is in talks to buy all or parts of Credit Suisse, with their boards meeting separately over the weekend, the Financial Times reported late Friday.
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