He is reluctant to take risks related to Credit Suisse
On Thursday, Bloomberg Agency quoted informed sources as saying that the UBS Group and Credit Suisse Banks oppose the idea of their compulsory merger.
The report said that UBS prefers to focus on its strategy centered around wealth management and is reluctant to take risks related to Credit Suisse at a time when its smaller competitor seeks to buy more time to complete restructuring efforts after receiving financial support from the Swiss Central Bank.
UBS and Credit Suisse did not respond to requests for comment from Archyde.com.
The US bank JP Morgan said the day before yesterday, Wednesday, that the acquisition of “Credit Suisse” by another bank, which is often UBS, is the most likely possibility for the troubled bank.
Credit Suisse sought to restore investor confidence today by borrowing about $54 billion from the Swiss National Bank (the central bank) after its stock decline exacerbated fears of a global banking crisis caused by the collapse of two medium-sized US banks.