[1/2] Britain’s Chancellor of the Exchequer Jeremy Hunt strolls at Downing Street in London, Britain, November 17,2022 REUTERS/Toby Melville/File Picture
LONDON, March 18 (Reuters) – British financing minister Jeremy Hunt and Bank of England Guv Andrew Bailey remain in routine contact this weekend over the fate of Credit Suisse Group AG ( CSGN.S), according to a source with understanding of the matter.
UBS Group AG ( UBSG.S) is mulling a takeover of its embattled Swiss competitor Credit Suisse, other sources informed Reuters on Saturday, in the middle of a crisis of self-confidence in the bank that runs the risk of destabilizing the worldwide monetary system.
A representative for the Treasury decreased to comment. A representative for the Bank of England’s Prudential Policy Authority, which supervises loan providers, decreased to comment.
The UK has actually been a crucial market for the Swiss loan provider. Credit Suisse’s UK entity, Credit Suisse International, has $60 billion of threat weighted properties, according to the business’s most current filings.
The bank likewise has $446 billion of risk-weighted possessions in its U.S. system.
Reporting by Sinead Cruise, extra reporting by Stefania Spezzati; Composing by Elisa Martinuzzi; Modifying by Deepa Babington and Nick Zieminski
Our Standards: The Thomson Reuters Trust Concepts.
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