BlackRock denies takeover bid for troubled Credit Suisse


18th March 2023 – (New York) BlackRock has denied a recent report that it is considering making a takeover bid for troubled Swiss bank, Credit Suisse. A spokesperson for the company told CNBC that BlackRock has no plans to acquire any part of Credit Suisse. Meanwhile, UBS has been rumored to be a potential buyer, but has yet to comment on the speculation.

Credit Suisse’s future is uncertain after a recent multibillion-dollar lifeline from the Swiss central bank failed to assuage investor concerns. The bank’s shares suffered their worst weekly decline since the start of the COVID-19 pandemic, falling nearly 35% so far this month. The Saudi National Bank’s announcement that it will not provide any further funding has only added to the bank’s woes, as has the delay of its annual results due to concerns over financial reporting.

Credit Suisse has been undergoing a significant strategic overhaul in an effort to regain stability and profitability, following a string of scandals and controversies. Its involvement with Greensill Capital resulted in losses of $1.7 billion, while the collapse of hedge fund Archegos Capital caused another $5.5 billion in losses. These events have led to a loss of customer and investor confidence, resulting in the bank hemorrhaging billions of dollars in deposits.