UK finance minister, Bank of England governor in contact over Credit Suisse – source

LONDON, March 18 (Reuters) – British finance minister Jeremy Hunt and Financial institution of England Governor Andrew Bailey are in common contact this weekend over the destiny of Credit score Suisse Group AG (CSGN.S), in accordance with a supply with information of the matter.

UBS Group AG (UBSG.S) is mulling a takeover of its embattled Swiss rival Credit score Suisse, different sources informed Reuters on Saturday, amid a disaster of confidence within the financial institution that dangers destabilizing the worldwide monetary system.

A spokesperson for the Treasury declined to remark. A spokesperson for the Financial institution of England’s Prudential Regulation Authority, which oversees lenders, declined to remark.

The UK has been a key marketplace for the Swiss lender. Credit score Suisse’s UK entity, Credit score Suisse Worldwide, has $60 billion of danger weighted property, in accordance with the corporate’s newest filings.

The financial institution additionally has $44.6 billion of risk-weighted property in its U.S. unit.

Reporting by Sinead Cruise, further reporting by Stefania Spezzati; Writing by Elisa Martinuzzi; Modifying by Deepa Babington and Nick Zieminski

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