Swiss regulators are encouraging UBS and Credit Suisse to merge in the wake of market turmoil unleashed by the collapse of US lender Silicon Valley Bank.
Credit Suisse meets under pressure to merge with UBS
Credit Suisse Group AG has begun a make-or-break weekend after some rivals grew cautious in their dealings with the bank and regulators urged it to pursue a deal with Swiss rival UBS AG.
Credit Suisse chief financial officer Dixit Joshi and his teams will hold meetings across the weekend to assess strategic scenarios for the bank, people with knowledge of the matter said on Friday.
The 167-year-old bank is the biggest name ensnared in market turmoil unleashed by the collapse of US lenders Silicon Valley Bank and Signature Bank in the past week, forcing the Swiss bank to tap $US54 billion ($A80 billion) in central bank funding.
Swiss regulators are encouraging UBS and Credit Suisse to merge but neither bank wanted to do so, one source said. The regulators do not have the power to force the merger, the person said.