You are currently viewing Switzerland preparing emergency measures for UBS’ takeover of Credit Suisse: Report

News report citing three people familiar with the situation, Switzerland is preparing to use “emergency measures” to accelerate the takeover by UBS of Credit Suisse, in an effort to finalize the acquisition before “markets open on Monday.”

It was noted that the emergency measures set in place would allow the deal to proceed without a shareholder vote, bypassing the usual Swiss regulations that require a “six-week” consultation period for shareholders “to consult on the acquisition.”

The SNB and the Swiss Financial Market Supervisory Authority (FINMA) are reportedly working to “reach regulatory agreement” by Saturday night, having reportedly told international counterparts that “they regard a deal” with UBS as the “only option” to prevent a “collapse in confidence” in Credit Suisse.

Related: Let First Republic and Credit Suisse burn

It was noted that UBS intends to proceed with Credit Suisse’s plans to downsize its investment bank, with two of the people “briefed on the

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