BlackRock said it had no plans or interest to acquire embattled Swiss lender Credit Suisse, a spokesperson for the US asset manager said on Saturday.
“BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so," the spokesperson told Reuters.
Credit Suisse Group AG began a make-or-break weekend after some rivals grew cautious in their dealings with the bank as regulators urged it to pursue a deal with Swiss rival UBS.
UK's Financial Times reported earlier that BlackRock was working on a rival bid for Credit Suisse aiming to upstage a plan for UBS to acquire the struggling bank. The US investment giant is evaluating a number of options and working with other investors, the FT added.
The 167-year-old bank is the biggest name ensnared in market turmoil unleashed by the collapse of US lenders Silicon Valley Bank and Signature Bank over the past week, forcing the Swiss bank to tap $54 billion in central bank funding.
Efforts to shore up Credit Suisse come as policymakers including the European Central Bank and US President Joe Biden sought to reassure investors and depositors the global banking system is safe.
The US investment giant is evaluating a number of options and working with other investors, the report said citing people briefed about the matter.
Reuters earlier reported that Credit Suisse was weighing up its survival options and was under pressure from regulators to pursue a deal with UBS.
The boards at Switzerland’s top two banks expect to meet separately this weekend to weigh the idea of a combination, with talks orchestrated by the Swiss National Bank and regulator Finma, said news reports.
(With inputs from Reuters)
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