[1/2] Britain's Chancellor of the Exchequer Jeremy Hunt walks at Downing Street in London, Britain, November 17, 2022. REUTERS/Toby Melville/File Photo
LONDON, March 18 (Reuters) – British finance minister Jeremy Hunt and Bank of England Governor Andrew Bailey are in regular contact this weekend over the fate of Credit Suisse Group AG (CSGN.S), according to a source with knowledge of the matter.
UBS Group AG (UBSG.S) is mulling a takeover of its embattled Swiss rival Credit Suisse, other sources told Reuters on Saturday, amid a crisis of confidence in the bank that risks destabilizing the global financial system.
A spokesperson for the Treasury declined to comment. A spokesperson for the Bank of England's Prudential Regulation Authority, which oversees lenders, declined to comment.
The UK has been a key market for the Swiss lender. Credit Suisse's UK entity, Credit Suisse International, has $60 billion of risk weighted assets, according to the company's latest filings.
The bank also has $44.6 billion of risk-weighted assets in its U.S. unit.
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Oil prices edged lower in choppy trading on Tuesday as weak economic data from the United States and China prompted fears of cooling oil demand and offset earlier gains from OPEC+ plans to cut more production.
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