BlackRock denies report that it’s preparing a takeover bid for 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.
“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.
JPMorgan’s Kian Abouhossein described a Credit Suisse takeover by UBS as “the more likely scenario.”
Credit Suisse shares fell 10% Friday morning after soaring over the previous session.
Credit Suisse shares rose over 30% at the market open after the bank said that it will borrow up to $54 billion from the Swiss National Bank.
Shares of embattled bank Credit Suisse hit another all-time low for a second consecutive day as the bank’s biggest backer says it can’t provide more financial help.
The stock traded 20% higher in the premarket and was one of the best-performing names in the SPDR S&P Regional Banking ETF (KRE) β which was up 5%.
First Republic Bank led a decline in bank shares Monday that came even after regulators extraordinary actions Sunday evening.
Voices from tech and finance are increasingly calling for the federal government to push another bank to take over the failed Silicon Valley Bank.
As dust begins to settle on the biggest American bank failure since 2008, members of the VC community lament the role other investors played in SVB’s demise.
European banking stocks sold off sharply in early trade Friday as a global contagion effect took hold after shares in U.S. bank SVB Financial plunged 60%.