Wednesday, March 22, 2023

UBS considering Credit Suisse takeover amid US bank collapse: What you need to know – Usky News

UBS AG is asking the Swiss government to cover about $6 billion in costs, a person with knowledge of the talks said, as the two sides hammered together a bid to restore confidence in the ailing Swiss bank. Ran for ,


* The acquisition of Credit Suisse by UBS could offer the Swiss government a guarantee against the risks involved, two people with knowledge of the matter said.
* Warren Buffett of Berkshire Hathaway Inc has discussed the banking crisis with senior Biden administration officials, a source familiar with the matter told Reuters.
* At least four major banks, including Societe Generale and Deutsche Bank, are restricting new trades involving Credit Suisse or its securities, five sources told Reuters.
* US investment giant BlackRock denied a report by the Financial Times that it was participating in a rival bid for all or part of Credit Suisse.
Bloomberg News reported Saturday that First Citizens Bankshare is evaluating an offer for the Silicon Valley bank and is seriously considering at least one other offer.
* The Mid-Size Bank Coalition of America has asked regulators to extend federal insurance for all deposits for two years, Bloomberg News reported, citing a letter from the coalition.
* The lightning speed of the banking industry turmoil has shaken global markets and governments, rekindling horrifying memories of the global financial crisis. As in 2008, the effects could be long-lasting.
* Member of the European Central Bank Governing Council Pierre Wunsch He said he did not expect a repeat of the 2008 financial crisis despite the unrest caused by the collapse of Silicon Valley Bank, adding that European banks were subject to tougher regulations than regional US banks.
* Goldman Sachs cut its recommendation on European bank debt risks to neutral from overweight, saying a lack of clarity on Credit Suisse’s future path will pressure the broader sector.
* A senior People’s Bank of China official said SVB’s collapse showed the effects of rapid changes in monetary policy were spreading, state-owned newspaper Shanghai Securities News reported.


* As concerns grow over banks, investors are seeking protection against a market crash.

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