Credit Suisse -- Switzerland's second-biggest bank -- came under pressure this week as the failure of two US regional lenders rocked the sector. By the close of markets Friday, its shares had dropped eight percent.The Swiss National Bank and financial markets watchdog FINMA told their US and British counterparts their 'plan A' to stop the crisis of confidence facing Credit Suisse was to merge it with UBS, the FT reported Friday, citing unnamed sources.
Credit Suisse, which has been in turmoil for two years, has been seen as a weak link in the banking sector due to a series of scandals and a major restructuring programme launched last October.Its market value took a heavy blow this week over fears of contagion from the collapse of two US banks -- Silicon Valley Bank and Signature Bank -- along with the publication of its annual report, which cited 'material weaknesses' in internal controls.
Source: Loan Digest (loandigest.net)
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