If the takeover of Credit Suisse by UBS is confirmed, the agreement that will be signed will be decisive for the rest of the operations. According to Archyde.com, UBS Group is seeking a guarantee of around six billion dollars (5.54 billion francs) from the Swiss Federal Council for the takeover of Credit Suisse Group.
The guarantees are to be used to cover the cost of impairment of certain Credit Suisse assets and possible litigation costs, two sources told Archyde.com.
>> The 12:45 p.m. press review:
According to the Bloomberg agency, UBS demands that the public authorities bear legal costs and potential losses which can amount to billions of francs.
According to the Financial Times, the authorities are also reviewing the rules, such as the six-week consultation period generally granted to shareholders during an acquisition. This could be relaxed in this case.
The discussions also stumble on the investment bank, indicates the financial agency, one of the scenarios under study being a recovery only of asset and wealth management with a sale of the investment bank.
The discussions also focus on the fate to be reserved for the Swiss branch of Credit Suisse, one of the profitable parts of the group which lost 7.3 billion Swiss francs last year and is still counting on “substantial” losses in 2023.
This branch brings together retail banking and loans to SMEs. One of the avenues considered by analysts is that of an IPO, which would also avoid massive layoffs in Switzerland because of duplication with UBS’s activities. Thousands of jobs could be wiped out.
>> The details of Valérie Gillioz in the 12:45 p.m.:
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