Future of 167-year-old Credit Suisse in question amid reports of a takeover by rival UBS as soon as Saturday evening as world economies scramble to prevent another global financial contagion
A UBS takeover could spell an abrupt end to the 167-year old Credit Suisse — Switzerland's second largest financial institution.
UBS, Credit Suisse and key regulators are rushing to finalise a deal on a possible takeover or merger of the two Swiss banks as soon as Saturday evening, the FT reported, citing people familiar with the matter. The latest plan could see the Swiss government offer a guarantee against the risks involved, while Credit Suisse's Swiss business could be spun off.
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