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UK finance minister, Bank of England governor in contact over Credit Suisse - source

03/18/2023 | 02:08pm

LONDON (Reuters) - British finance minister Jeremy Hunt and Bank of England Governor Andrew Bailey are in regular contact this weekend over the fate of Credit Suisse Group AG, according to a source with knowledge of the matter.

UBS Group AG is mulling a takeover of its embattled Swiss rival Credit Suisse, other sources told Reuters on Saturday, amid a crisis of confidence in the bank that risks destabilizing the global financial system.

Spokespeople at the Treasury and the UK finance ministry did not immediately respond to a request for comment. A spokesperson for the Bank of England's Prudential Regulation Authority, which oversees lenders, declined to comment.

The UK has been a key market for the Swiss lender. Credit Suisse's UK entity, Credit Suisse International, has $60 billion of risk weighted assets, according to the company's latest filings.

The bank also has $44.6 billion of risk weighted assets in its US unit.

(Reporting by Sinead Cruise, additional reporting by Stefania Spezzati; Writing by Elisa Martinuzzi; Editing by Deepa Babington)

Reuters 2023
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