UBS, Switzerland's largest banking group, has offered one billion dollars to buy Credit Suisse. This was reported in the morning by the Financial Times, citing some sources according to which the operation would be all in securities and the signing would have been expected tonight. The shares were valued at 0.25 francs each, much lower than the price of 1.86 francs set at the close of the stock market on Friday. Precisely this very low price, according to Bloomberg, would be the reason that would be pushing the Swiss institute to reject the offer.
Both sides have been engaged in discussions with regulators since Wednesday. Deposit outflows from Credit Suisse exceeded CHF 10 billion per dayor at the end of last week. Customers withdrew CHF 111 billion from the group in the last three months of last year. Liquidity support from the Swiss central bank briefly halted declines, but customer flight is expected to resume.
The Swiss government, which aims to prevent the bank from collapsing, is reportedly considering legislation to circumvent the normal six-week consultation period required for UBS shareholders so that the deal can be concluded immediately.