BlackRock denies report that it's preparing a takeover bid for Credit Suisse
- BlackRock has denied a report that it is preparing a takeover bid for embattled Swiss lender Credit Suisse.
- The Financial Times had said the U.S. asset manager was working on a bid to acquire the bank, citing people familiar with the situation.
- UBS has also been suggested as a potential buyer, with the FT reporting Friday that it is in talks to take over all or part of Credit Suisse. UBS hasn't commented on the report.
BlackRock has denied a report that it is preparing a takeover bid for embattled Swiss lender Credit Suisse.
"BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so," a company spokesperson told CNBC Saturday morning.
It comes after the Financial Times reported that the U.S. asset manager was working on a bid to acquire the bank, citing people familiar with the situation.
UBS has also been suggested as a potential buyer, with the FT reporting Friday that it is in talks to take over all or part of Credit Suisse. UBS hasn't commented on the report.
Credit Suisse's future looks to be hanging in the balance after a multibillion-dollar lifeline offered by the Swiss central bank last week failed to calm investors.
Credit Suisse's shares registered their worst weekly decline since the onset of the coronavirus pandemic last week, and are down almost 35% over the month to date.
The latest slide in stock price came after the Saudi National Bank revealed it would not provide the bank with any more cash, and follows a delay of its annual results over financial reporting concerns.
The failure of Silicon Valley Bank — the largest U.S. banking failure since Lehman Brothers — and the shuttering of New York-based Signature Bank compounded nervousness around the global banking sector.
Credit Suisse was already in the midst of a massive strategic overhaul aimed at restoring stability and profitability. It has faced various scandals and controversies over recent years, including the fallout from its involvement with the collapsed supply chain finance firm, Greensill Capital, which led to $1.7 billion in losses.
The default at hedge fund Archegos Capital not long after led to another $5.5 billion loss for the Swiss investment bank.
These — and other controversies — hit investor and customer confidence hard, with the bank losing billions of dollars in deposits as a result.
— CNBC's Ganesh Rao and Elliot Smith contributed to this report.
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