UBS AG on Saturday eyed a takeover of Credit Suisse as the troubled lender faces a pivotal weekend amid market turmoil sparked by the collapse of US lenders Silicon Valley Bank and signature bank.
developments
* A takeover of Credit Suisse by UBS could result in the Swiss government offering a guarantee against the risks involved, two people familiar with the matter said on Saturday.
* The boards of both banks were due to meet separately over the weekend, with a source saying Swiss regulators are encouraging the pair to merge but neither bank wants to do so.
* At least four major banks, including Societe Generale and Deutsche Bank, are restricting new business with Credit Suisse or its securities, five sources told Reuters.
* US investment giant BlackRock has denied a Financial Times report that it is taking part in a competing bid for all or part of Credit Suisse.
* ECB Governing Council member Pierre Wunsch does not expect a repeat of the 2008 financial crisis, despite the turmoil caused by the collapse of Silicon Valley Bank, as European banks were subject to stricter rules than regional US banks.
* Goldman Sachs lowered its recommendation on European bank bond exposure to neutral from overweight, saying a lack of clarity about Credit Suisse’s future path would put pressure on the broader sector.
* SVB The Financial Group filed for a court-supervised Chapter 11 reorganization to seek buyers for its assets days after regulators acquired its former Silicon Valley Bank (SVB) unit.
* The US Federal Deposit Insurance Corp (FDIC) is considering steps to facilitate its takeovers of Signature Bank and Silicon Valley Bank, a source told Reuters.
* Moody’s downgraded First Republic Bank’s debt. Before the announcement, the bank’s shares plunged nearly 33%, despite a $30 billion deposit bailout.
* US President Joe Biden called on Congress to give banking regulators more power.
* A senior official at the People’s Bank of China said the collapse of the SVB shows how rapid monetary policy changes are having an impact, state-run Shanghai Securities News reported.
markets
* Investor sentiment remained fragile on Friday, putting pressure on global equities, while gold prices posted their biggest one-week rally in three years. The dollar slipped and government bond yields fell.
* As concerns for banks mount, investors seek protection from a market crash
developments
* A takeover of Credit Suisse by UBS could result in the Swiss government offering a guarantee against the risks involved, two people familiar with the matter said on Saturday.
* The boards of both banks were due to meet separately over the weekend, with a source saying Swiss regulators are encouraging the pair to merge but neither bank wants to do so.
* At least four major banks, including Societe Generale and Deutsche Bank, are restricting new business with Credit Suisse or its securities, five sources told Reuters.
* US investment giant BlackRock has denied a Financial Times report that it is taking part in a competing bid for all or part of Credit Suisse.
* ECB Governing Council member Pierre Wunsch does not expect a repeat of the 2008 financial crisis, despite the turmoil caused by the collapse of Silicon Valley Bank, as European banks were subject to stricter rules than regional US banks.
* Goldman Sachs lowered its recommendation on European bank bond exposure to neutral from overweight, saying a lack of clarity about Credit Suisse’s future path would put pressure on the broader sector.
* SVB The Financial Group filed for a court-supervised Chapter 11 reorganization to seek buyers for its assets days after regulators acquired its former Silicon Valley Bank (SVB) unit.
* The US Federal Deposit Insurance Corp (FDIC) is considering steps to facilitate its takeovers of Signature Bank and Silicon Valley Bank, a source told Reuters.
* Moody’s downgraded First Republic Bank’s debt. Before the announcement, the bank’s shares plunged nearly 33%, despite a $30 billion deposit bailout.
* US President Joe Biden called on Congress to give banking regulators more power.
* A senior official at the People’s Bank of China said the collapse of the SVB shows how rapid monetary policy changes are having an impact, state-run Shanghai Securities News reported.
markets
* Investor sentiment remained fragile on Friday, putting pressure on global equities, while gold prices posted their biggest one-week rally in three years. The dollar slipped and government bond yields fell.
* As concerns for banks mount, investors seek protection from a market crash
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