US investment manager BlackRock said this Saturday that he is not involved in plans to buy Credit Suisse, dismissing any future interest.
“BlackRock is not involved in any plan to purchase all or any portion of Credit Suisse and has no intention of doing so,” the company said in a statement sent to newsrooms.
Credit Suisse became the first major bank in the world to receive emergency government bailouts since the 2008 financial crisis.
The Financial Times (FT) reported this Saturday that BlackRock is preparing a bid for Credit Suisse following news that UBS is in talks this weekend to acquire the bank.
In an updated version of the online story, the FT said that BlackRock had spoken to other potential investors and evaluated several options, including buying just a few lines of business.
The news comes a day after the FT also reported that UBS was in talks to buy all or part of Credit Suisse’s capital and that talks would take place this weekend between the boards of directors of the two largest Swiss financial institutions.
These negotiations with UBS are being conducted by the Swiss National Bank and Swiss financial market regulator FINMA, according to sources cited by the London newspaper.
One of the concerns of the authorities is to find a solution for Credit Suisse this weekend that will convince and calm the markets ahead of the opening on Monday and thus avoid another black week for those in the 30 category. Banks of the world considered too big to fail.
On Thursday, it was announced that Credit Suisse will receive a loan of up to 50 billion Swiss francs (50.7 billion euros) from the Swiss central bank to “strengthen” the institution’s accounts.
At the same time, the second largest Swiss bank announced a series of debt buybacks worth around CHF 3 billion (€3.04 billion).
The bailout comes a day after Credit Suisse endured the stock market’s darkest session, shedding a quarter of its value as its shares plunged to historical lows of below 2 Swiss francs (2.03 euros).
This period of turbulence in the banking sector began earlier, with the collapse of Silicon Valley Bank (SVB) in the US, followed by a sharp drop in the stock market on Wednesday from Credit Suisse.
Author: Portuguese
Source: CM Jornal
I’m Tifany Hawkins, a professional journalist with years of experience in news reporting. I currently work for a prominent news website and write articles for 24NewsReporters as an author. My primary focus is on economy-related stories, though I am also experienced in several other areas of journalism.