HomeFinancial MarketsBlackRock Reportedly Intervenes In UBS, Credit Suisse Talks

BlackRock Reportedly Intervenes In UBS, Credit Suisse Talks

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.

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