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BlackRock denies report that it’s preparing a takeover bid for Credit Suisse

livemag by livemag
March 19, 2023
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BlackRock denies report that it’s preparing a takeover bid for Credit Suisse
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BlackRock headquarters in New York, US, on Friday, Jan. 13, 2023. by way of Getty Photos

Michael Nagle | Bloomberg | Getty Photos

BlackRock has denied a report that it’s making ready a takeover bid for embattled Swiss lender Credit Suisse.

“BlackRock is just not taking part in any plans to amass all or any a part of Credit score Suisse, and has no real interest in doing so,” an organization spokesperson instructed CNBC Saturday morning.

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This fund manager shorted Credit Suisse — and he's sticking with his bet

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It comes after the Financial Times reported that the U.S. asset supervisor was engaged on a bid to amass the financial institution, citing folks accustomed to the scenario.

UBS has additionally been steered as a possible purchaser, with the FT reporting Friday that it’s in talks to take over all or a part of Credit score Suisse. UBS hasn’t commented on the report.

Credit score Suisse’s future seems to be hanging within the stability after a multibillion-dollar lifeline supplied by the Swiss central financial institution final week did not calm traders.

Credit Suisse’s shares registered their worst weekly decline for the reason that onset of the coronavirus pandemic final week, and are down nearly 35% over the month up to now.

The newest slide in inventory worth got here after the Saudi National Bank revealed it might not present the financial institution with any additional cash, and follows a delay of its annual outcomes over financial reporting concerns.

The failure of Silicon Valley Financial institution — the most important U.S. banking failure since Lehman Brothers — and the shuttering of New York-based Signature Financial institution compounded nervousness across the world banking sector.

Credit score Suisse was already within the midst of an enormous strategic overhaul aimed toward restoring stability and profitability. It has confronted various scandals and controversies over current years, together with the fallout from its involvement with the collapsed supply chain finance firm, Greensill Capital, which led to $1.7 billion in losses.

The default at hedge fund Archegos Capital not lengthy after led to a different $5.5 billion loss for the Swiss funding financial institution.

These — and different controversies — hit investor and buyer confidence arduous, with the financial institution dropping billions of {dollars} in deposits consequently.

— CNBC’s Ganesh Rao and Elliot Smith contributed to this report.



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