Switzerland’s biggest bank UBS is looking to buy all or part of troubled rival Credit Suisse. A source from online BBC had reported that the discussion is going on. The credit index recently found in their financial reports that there was a ‘material weakness’ detected. After that, their share price has been falling rapidly for a few days. In this situation, they have asked the Swiss National Bank for an emergency loan of 54 billion dollars to deal with the situation, so that they can survive. But the matter has not been decided yet.
A massive financial crisis is being feared in the financial sector. Meanwhile, the Swiss government held an emergency meeting on Saturday night (18th March). But there has been no official statement on whether there has been an agreement. However, if the government wants to buy Credit Suisse, UBS has asked them to pay about $6 billion, sources said. But any deal could result in significant job losses.
This happened after the collapse of two US lenders, Silicon Valley Bank and Signature Bank. This has raised further concerns.