According to the newspaper, the Swiss authorities hope that a merger will restore confidence in the banking sector. Talks between UBS and Credit Suisse – the number one and two of the Swiss banks respectively – were to continue this weekend under the direction of the central bank and financial regulator Finma.
There has been great unrest on the stock markets around Credit Suisse after the collapse of several regional banks in the United States. The Swiss central bank has already pledged billions in support to Credit Suisse.
But the unrest flared up again on Friday. Shares of the 167-year-old bank plunged on the Zurich stock exchange. Reuters news agency reported that at least four major banks, including France’s Société Générale and Deutsche Bank, have restricted their trading transactions with Credit Suisse.
