UK finance minister, Bank of England governor in contact over Credit Suisse – source By Reuters
Economy 2 hours ago (Mar 18, 2023 19:25)
© Reuters. FILE PHOTO: Britain’s Chancellor of the Exchequer Jeremy Hunt walks at Downing Street in London, Britain, November 17, 2022. REUTERS/Toby Melville/File Photo
LONDON (Reuters) -British finance minister Jeremy Hunt and Bank of England Governor Andrew Bailey are in regular contact this weekend over the fate of Credit Suisse (SIX:CSGN) Group AG, according to a source with knowledge of the matter.
UBS Group AG (SIX:UBSG) is mulling a takeover of its embattled Swiss rival Credit Suisse, other sources told Reuters on Saturday, amid a crisis of confidence in the bank that risks destabilizing the global financial system.
A spokesperson for the Treasury declined to comment. A spokesperson for the Bank of England’s Prudential (LON:PRU) Regulation Authority, which oversees lenders, declined to comment.
The UK has been a key market for the Swiss lender. Credit Suisse’s UK entity, Credit Suisse International, has $60 billion of risk weighted assets, according to the company’s latest filings.
The bank also has $44.6 billion of risk-weighted assets in its U.S. unit.
UK finance minister, Bank of England governor in contact over Credit Suisse – source
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