UBS wary of buying Credit Suisse in February, US filing shows

The Swiss bank UBS said it had concluded in February that buying its rival Credit Suisse was not desirable, but that it should prepare in case the bank encountered “serious financial difficulties”. In a filing to the US Securities and Exchange Commission, dated April 26, UBS said it had been mulling the potential impact of a Credit Suisse deal since December, Reuters reported on Wednesday. + How the Swiss ‘trinity’ forced UBS to save Credit Suisse In March, UBS agreed to take over Credit Suisse for CHF3 billion ($3.37 billion) and said it would assume up to CHF5 billion in losses, as part of a government-backed rescue that is backed by as much as CHF250 billion of state support. + Credit Suisse collapse: consequences and open questions The Swiss authorities and UBS Group AG have been racing to close the takeover as soon as possible in an effort to retain the lender's clients and employees. UBS Chief Executive Sergio Ermotti said on Wednesday that the Swiss bank was working on...