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UBS and Regulators Rush to Finalize Credit Suisse Deal, Averting Crisis

The Swiss National Bank and Swiss regulator FINMA have informed international counterparts that a deal with UBS Group (UBSG.S) is the only solution to avert a collapse in confidence for Credit Suisse Group (CSGN.S), according to a Financial Times report on Saturday.

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Finalizing Merger Deal by Saturday Evening

UBS, Credit Suisse, and key regulators are working to finalize a merger deal between the two Swiss banks as early as Saturday evening, as the Financial Times reported, citing sources familiar with the matter.

FINMA, UBS, and Credit Suisse's Response to the Report

FINMA declined to comment on the Financial Times report. UBS and Credit Suisse did not immediately respond to a Reuters request for comment.

Swiss Authorities Pressuring UBS to Take Over Local Rival

Reuters previously reported that Swiss authorities are urging UBS to carry out a takeover of its local rival, Credit Suisse, to control the market turmoil surrounding the bank. The plan could involve the Swiss government offering a guarantee against risks, while Credit Suisse's Swiss business may be spun off.