Credit Suisse’s main Swiss rival, UBS, has submitted a purchase offer of around one billion dollars for this entity, according to the Financial Times. The operation is open and is being negotiated this Sunday in order to avoid a new collapse in the first trading session on Monday.
According to what the Financial Times has advanced, the offer values Credit Suisse titles at 0.25 Swiss francs per share, below the 1.86 Swiss francs with which the bank closed on the stock market this Friday. The terms of the deal remain open and both Credit Suisse and UBS have declined to respond to the newspaper.
Over the weekend, rumors of the purchase of Credit Suisse -Switzerland’s second largest bank by market volume- by UBS -the first- increased after it was published that the potential purchasing entity had asked the Swiss government for guarantees that a partial or of your rival will not cause you legal problems or losses.
Wrapped in serious financial and image problems, the Credit Suisse bank suffered a 24% drop on the Zurich stock market last Wednesday, after its main shareholder since 2022, the Saudi National Bank, assured that it was not going to invest more in the Swiss entity to clean up its battered accounts.
To calm the market, the Swiss National Bank announced hours after that stock market crash a loan of 50,000 million francs (50,500 million euros, 54,000 dollars) to Credit Suisse, which allowed the entity to recover 19% on the stock market. of Zurich on Thursday, but on Friday shareholder doubts returned and shares fell again 8%.
Credit Suisse, founded in 1856, has chained two years of million-dollar losses: in 2021 they were 1,572 million Swiss francs (1,600 million euros, 1,690 million dollars), and in 2022 they almost quintupled, to 7,293 million francs (7,400 million euros, 7,800 million dollars). Added to the financial problems are many others related to the bank’s reputation, with various resignations of its directors immersed in various scandals, which have caused extensive reshuffling of the board of directors in recent years.