BlackRock denies report that it is getting ready a takeover bid for Credit score Suisse

BlackRock has denied a report that it’s getting ready a takeover bid for embattled Swiss lender Credit score Suisse.

“BlackRock isn’t taking part in any plans to accumulate all or any a part of Credit score Suisse, and has little interest in doing so,” an organization spokesperson instructed CNBC Saturday morning.

It comes after the Monetary Occasions reported that the U.S. asset supervisor was engaged on a bid to accumulate the financial institution, citing individuals aware of the scenario.

UBS has additionally been prompt as a possible purchaser, with the FT reporting Friday that it’s in talks to take over all or a part of Credit score Suisse. UBS hasn’t commented on the report.

Credit score Suisse’s future appears to be hanging within the stability after a multibillion-dollar lifeline provided by the Swiss central financial institution final week did not calm buyers.

Credit score Suisse’s shares registered their worst weekly decline because the onset of the coronavirus pandemic final week, and are down virtually 35% over the month thus far.

The newest slide in inventory worth got here after the Saudi Nationwide Financial institution revealed it might not present the financial institution with any additional cash, and follows a delay of its annual outcomes over monetary reporting considerations.

The failure of Silicon Valley Financial institution — the biggest U.S. banking failure since Lehman Brothers — and the shuttering of New York-based Signature Financial institution compounded nervousness across the world banking sector.

Credit score Suisse was already within the midst of a large strategic overhaul aimed toward restoring stability and profitability. It has confronted varied scandals and controversies over current years, together with the fallout from its involvement with the collapsed provide chain finance agency, Greensill Capital, which led to $1.7 billion in losses.

The default at hedge fund Archegos Capital not lengthy after led to a different $5.5 billion loss for the Swiss funding financial institution.

These — and different controversies — hit investor and buyer confidence onerous, with the financial institution shedding billions of {dollars} in deposits consequently.

— CNBC’s Ganesh Rao and Elliot Smith contributed to this report.