Switzerland is reportedly preparing emergency measures to accelerate UBS' takeover of Credit Suisse before 'markets open on Monday'
The Swiss National Bank and Switzerland’s financial regulator reportedly believe that the acquisition of investment bank Credit Suisse by UBS, Switzerland's largest bank, is the “only option” to prevent a “collapse in confidence” in Credit Suisse.citing three people familiar with the situation, Switzerland is preparing to use “emergency measures” to accelerate the takeover by UBS of Credit Suisse, in an effort to finalize the acquisition before"markets open on Monday.
It was noted that the emergency measures set in place would allow the deal to proceed without a shareholder vote, bypassing the usual Swiss regulations that require a “six-week” consultation period for shareholders “to consult on the acquisition.” It was stated that the SNB and the Swiss Financial Market Supervisory Authority are working to “reach regulatory agreement” by Saturday night, having reportedly told international counterparts that “they regard a deal with UBS as the"only option” to prevent a"collapse in confidence" in Credit Suisse.
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