Swiss banking giant UBS is reportedly in advanced talks to buy all or part of crisis-hit lender Credit Suisse.
But the bank, among a small group of financial companies that have been deemed too big to fail, is loss-making and in recent years has been hit with a string of problems.
This week Credit Suisse received a loan from Swiss National Bank of up to £44.5bn to backstop it, but the move failed to reassure markets and its shares tumbled 24 percent, sparking a wider sell-off on European markets. UBS is reportedly offering to pay up to $1bn for the troubled lender, though Credit Suisse was said to be unhappy with the deeply discounted offer.A sign of Credit Suisse is seen behind a clock at the headquarters of Switzerland's second-biggest bank in Zurich on March 18, 2023.The deal currently believed to be on the table would value Credit Suisse at around £7billion dollars less than its value at market close on Friday.
UBS is said to have asked the Swiss government for around $6bn to cover costs if it were to buy the bank, sources quoted by Reuters said.
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