UBS, UBS, is in talks to acquire Credit Suisse, CS

UBS, $UBS, is in talks to acquire Credit Suisse, $CS, per FT.

This is after it was announced Credit Suisse, CS, to borrow up to CHF50 billion from Swiss National Bank to strengthen liquidity.

Yesterday, CS asked for support from the SNB. This is after the shares fell 30% today.

UBS has a market value of $56.6 billion, while shares in Credit Suisse closed with a value of $8 billion.

“Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank (SNB) up to CHF 50 billion under a Covered Loan Facility as well as a short-term liquidity facility, which are fully collateralized by high quality assets,” Credit Suisse said in a statement.

This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs," it said.

On Wednesday, it also announced offers for senior debt securities for cash of up to 3 billion francs.

Read more: https://unusualwhales.com/news/credit-suisse-cs-to-borrow-up-to-chf50-billion-from-swiss-national-bank-to-strengthen-liquidity

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