BlackRock has no plans to buy Credit Suisse after all

Afinal, BlackRock não tem planos para comprar Credit Suisse

US investment manager BlackRock said on Saturday that it is not taking part in plans to buy Credit Suisse, rejecting any interest in doing so in the future.

"BlackRock is not participating in plans to buy all or any part of Credit Suisse, and has no intention of doing so," the company said in a statement sent to newsrooms and quoted by Lusa.

This Thursday, Credit Suisse became the first major global bank to receive a public bailout since the 2008 financial crisis.

The Financial Times (FT) reported today that BlackRock is preparing an offer to buy Credit Suisse following the news this weekend that UBS is in talks 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 various options, including buying just a few business areas.

This news comes a day after the FT also reported that UBS is in talks to buy all or part of Credit Suisse's capital and that negotiations will be taking place this weekend between the boards of directors of the two largest Swiss financial institutions.

These negotiations with UBS are being led by the Swiss National Bank and the Swiss financial market regulator FINMA, according to sources quoted by the London newspaper.

One of the authorities' concerns is to find a solution for Credit Suisse over the weekend that will convince and reassure the markets before Monday's opening and thus avoid another black week for the bank that ranks among the 30 global banks considered too big to fail.

On Thursday it was announced that Credit Suisse would 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, Switzerland's second largest bank announced a series of debt buy-backs worth around 3 billion Swiss francs (3.04 billion euros).

This help came a day after Credit Suisse faced its darkest session on the stock exchange, losing a quarter of its value, with its shares falling to a historic low, 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 United States, after which Credit Suisse fell sharply on the stock market on Wednesday.

Share this article

Leave a Reply

Your email address will not be published.