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Wednesday, Mar 29, 2023

UK finance minister, Bank of England governor in contact over Credit Suisse - source

UK finance minister, Bank of England governor in contact over Credit Suisse - source

British finance minister Jeremy Hunt and Bank of England Governor Andrew Bailey are in regular contact this weekend over the fate of Credit Suisse Group AG (CSGN.S), according to a source with knowledge of the matter.

UBS Group AG (UBSG.S) 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 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.

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