DEVELOPMENTS
* A takeover of Credit Suisse by UBS could
see the Swiss government offer a guarantee against the risks
involved, two people with knowledge of the matter said.
* Berkshire Hathaway Inc's Warren Buffett has held
discussions with senior Biden administration officials about the
banking crisis, a source familiar with the matter told Reuters.
* At least four major banks, including Societe Generale and Deutsche Bank , are restricting new
trades involving Credit Suisse or its securities, five
sources told Reuters.
* U.S. investment giant BlackRock denied a report in
the Financial Times that it was participating in a rival bid for
all or parts of Credit Suisse.
* First Citizens BancShares is evaluating an offer
for Silicon Valley Bank and at least one other suitor
is seriously considering an offer, Bloomberg News reported on
Saturday.
* The Mid-Size Bank Coalition of America has asked
regulators to extend federal insurance to all deposits for two
years, Bloomberg News reported, citing a letter from the
coalition.
* The lightning speed of the banking industry's descent into
turmoil has shaken global markets and governments, reviving
eerie memories of the global financial crisis. Like 2008, the
effects may be long-lasting.
* European Central Bank Governing Council member Pierre
Wunsch said he did not expect a repeat of the 2008 financial
crisis despite turbulence caused by the collapse of Silicon
Valley Bank, saying European banks were subject to tougher rules
than regional U.S. banks.
* Goldman Sachs cut its recommendation on exposure to
European bank debt to neutral from overweight, saying a lack of
clarity on Credit Suisse's future path would put pressure on the
broader sector.
* A senior People's Bank of China official said the collapse
of SVB showed how rapid monetary policy shifts were having
spillover effects, state-owned newspaper Shanghai Securities
News reported.
MARKETS
* As worries over banks swirl, investors are seeking
protection against a market crash.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
FACTBOX-Which companies are affected by SVB collapse? FACTBOX-SVB collapse may prompt Fed to go slow on rate hikes EXPLAINER-What caused Silicon Valley Bank's failure? BREAKINGVIEWS-Bank rescue buys stability at a high price BREAKINGVIEWS-Bank-rule pendulum swings back to 'safety first' GRAPHIC-The path to the fall of Silicon Valley Bank GRAPHIC-SVB, Signature Bank are first bank failures since 2020 GRAPHIC-Credit Suisse goes off piste GRAPHIC-Credit Suisse revamp GRAPHIC-Banking worries send US markets on dizzying ride SCENARIOS-What is next for Credit Suisse after cash lifeline? TIMELINE-How Credit Suisse has evolved over 167 years EXPLAINER- Credit Suisse: How did it get to crisis point? ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Compiled by Lincoln Feast)
March 19 (Reuters) - UBS AG is asking the Swiss
government to cover about $6 billion in costs if it were to buy
rival Credit Suisse, a person with knowledge of the talks said,
as the two sides raced to hammer together a deal to restore
confidence in the ailing Swiss bank.
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