BlackRock Inc Vice Chairman Philipp Hildebrand is taking part in talks as Swiss officials look to draft a deal that will see UBS Group take over Credit Suisse Group AG, several confidential sources reported on Saturday.
The report, which came courtesy of Bloomberg News, was followed up with a telephone interview with BlackRock spokesperson Ryan O’Keeffe, who claimed that Hildebrand has not had any involvement in these discussions up until this point.
Hildebrand, who joined the New York-based BlackRock in 2012, previously served as the chairman of the governing board of the Swiss National Bank. He also served as a member of the Financial Stability Board during his time with the Swiss National Bank, being appointed vice chairman in 2011.
Initially believed to be preparing a counteroffer against UBS, BlackRock has confirmed that it will not look to acquire Credit Suisse. Instead, UBS remains the frontrunner, with Swiss officials eager to complete a deal in order to prevent the destabilization of the global financial system.