BlackRock denies reports about plans to buy embattled Credit Suisse
BlackRock CEO Larry Fink |
Amidst chaos in the global banking sector and among investors, BlackRock’s CEO has warned about a worsening crisis in the aftermath of the Silicon Valley Bank collapse. As Switzerland’s two largest lenders UBS and Credit Suisse are discussing a merger to save the latter from a crisis, reports of BlackRock’s interest in buying the Swiss bank emerged.
No deal on the cards yet
But the company has clarified that it is not in the race to acquire the embattled Credit Suisse, as contagion from SVB has spread to European markets.
On the other hand, reports have claimed that the UBS and Credit Suisse merger may not go through, and the regulators can’t force the two to join hands.
What’s Blackrock interested in?
BlackRock’s CEO, who has given ominous warnings about US banks, has also put his weight behind digital assets as crypto faces an uncertain future.
He has pitched tokenisation of stocks and bonds the form of virtual assets as a way to make trading more efficient by easing access for investors.
While hailing the rise of digital payment and financial inclusion in India and Brazil among emerging economies, he added that US and developed countries were lagging behind.