BlackRock denies report it is preparing a takeover bid for Credit Suisse

black Rock denied a report that it is preparing a takeover bid for the troubled Swiss lender credit Suisse,

“BlackRock is not participating in any plan to acquire all or any portion of Credit Suisse, and has no interest in doing so,” a company spokesperson told CNBC on Saturday morning.

it comes after reported the Financial Times The US asset manager was working on a bid to acquire the bank, citing people familiar with the situation.

UBS has also been suggested as a potential buyer with FT Reporting On Friday it is in talks to take over all or part of Credit Suisse. UBS has not commented on the report.

Credit Suisse’s future appears to hang in the balance after a multi-billion dollar lifeline offered by the Swiss central bank last week failed to calm investors.

credit suisse shares They posted their worst weekly decline since the start of the coronavirus pandemic last week, and are down almost 35% this month.

The latest drop in share prices comes after Saudi National Bank disclosed This will not provide more cash to the bank, and its annual results get delayed. financial reporting concerns,

The failure of Silicon Valley Bank – the biggest US banking failure since Lehman Brothers – and the shuttering of New York-based Signature Bank raised panic around the global banking sector.

Credit Suisse was already in the midst of a massive strategic overhaul aimed at restoring stability and profitability. have faced Various scandals and controversies In recent years, including its decline Partnership with Collapsed Supply Chain Finance Firm, Greensilk CapitalThis resulted in a loss of $1.7 billion.

Not long after, a default at hedge fund Archigos Capital resulted in a loss of $5.5 billion for the Swiss investment bank.

These – and other controversies – hit investor and customer confidence hard, resulting in the bank losing billions of dollars in deposits.

— CNBC’s Ganesh Rao and Elliot Smith contributed to this report.