LONDON (Reuters) – Britain’s Finance Minister Jeremy Hunt and Bank of England Governor Andrew Bailey have been in regular contact over the weekend over the fate of Credit Suisse, a source familiar with the matter said.
Other sources told Reuters on Saturday that UBS was considering a takeover of Credit Suisse, which has been battered on the stock market since its largest shareholder announced not to bail out the bank.
Spokespersons for the Treasury and the British Ministry of Finance did not immediately respond to a request for comment. A spokesman for the Bank of England (BoE), which oversees banks, declined to comment.
The UK is an important market for the Swiss bank, whose UK entity has $60 billion in risk-weighted assets, a measure of risk, according to the group’s latest filings.
In the United States, Credit Suisse’s risk-weighted assets are valued at $44.6 billion.
(Report Sinead Cruise, with Stefania Spezzati; written by Elisa Martinuzzi; Claude Chendjou)
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