Switzerland is considering either a full takeover of the bank or a significant equity stake if UBS is unable to complete the takeover
The Swiss authorities are considering the full or partial nationalization of Credit Suisse judging it as the only viable option short of its acquisition by UBS Group, Bloomberg reports today.
Switzerland is considering either a full takeover of the bank or a significant equity stake in the event that UBS is unable to complete its takeover of Credit Suisse, the report added.
It is noted that, according to Bloomberg, Credit Suisse rejects its takeover bid from UBS.
Photo. REUTERS/Arnd Wiegmann
Citing people familiar with the matter, Bloomberg News wrote that Credit Suisse is resisting the proposal because it believes the amount is too low and that it would hurt shareholders and employees at the bank who have shares in the company which will be paid last in order after a possible bankruptcy (deferred stock).
According to the Financial Times, Switzerland's largest bank, UBS Group AG, has offered to buy Credit Suisse for up to a billion dollars with the Swiss government planning to change the country's law to bypass a shareholder vote on the transaction.
