International Business News: NEW DELHI: Former Swiss finance minister Ueli Maurer defended his response to the Swiss banking crisis, stating that temporary nationalisation was nev.
Recent banking crises in the United States, where Silicon Valley Bank collapsed, and in Switzerland where UBS was forced to acquire Credit Suisse, show that banks and regulators need to increase preparedness for rapidly unfolding crises, the Single Resolution Board (SRB) said.
UBS, in a Tuesday filing to the US Securities and Exchange Commission, told investors it had less than four days to conduct due diligence given the "emergency circumstances". It estimated a hit of about $17 billion from the takeover.
US banking crisis looks far from over. Los Angeles-based bank holding company PacWest Bancorp is reportedly exploring strategic options, including a sale or capital raising, fuelling concerns about a possible collapse.