Negotiations between Swiss banks Credit Suisse and UBS

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It is known that the authorities are considering amending the law to allow the purchase without a vote of UBS shareholders being required. Operation being discussed with the Swiss government, Swiss National Bank and regulatory and competition entities.

Euskaraz irakurri: Credit Suissek uko egin dio UBSren 1,000 milioi dolarreko eskaintzari et negoziatzen jarraitzen dute

The couch ubs, the largest in Switzerland, would have offered Buy Credit Suisse for $1 billionan initial bid that has been according to the agency Bloomberg turned down by Credit Suisse executives, who consider it too low.

This given that this offer would be equivalent to 0.25 Swiss francs per share, compared to last Friday’s closing price of 1.86 francs, which already reflected a loss of more than a quarter of its value in relation to up to a week in advance.

The operation is being discussed with the Swiss government, the Swiss National Bank and regulatory and competition authorities, the Financial Times newspaper reported.

The Swiss government today resumed in plenary a meeting that began on Saturday evening to discuss the alternatives on the table to prevent the bank from sinking further on Monday, at the opening of the Zurich Stock Exchange.

The authorities would consider amend the legislation to avoid a vote by UBS shareholders regarding this transaction, which all analysts believe should be announced today.

Other media outlets have indicated that UBS is requesting the Swiss Confederation to participate in financing this potential operation, given the costs that would be associated with the liquidation of some of Credit Suisse’s businesses and any legal proceedings in the country or in other jurisdictions.

The Association of Staff Swiss Bankers regrets that all these negotiations are being conducted in the greatest secrecy. No public authority, nor the banks involved, have wanted to make it no public comment about the future of Credit Suisse.

This bank employs more than 50,000 people worldwide, of which 17,000 are in Switzerland, a workforce of which there is great fear if the bank is sold and its structure reduced.

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Source: EITB

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