Negotiations to acquire Credit Suisse, Switzerland's largest financial group, UBS, appear to be reaching the final stage. UBS is seeking Swiss authorities to compensate for losses and the risk of litigation associated with the acquisition, foreign media reported.

Credit Suisse, a major financial group with sluggish earnings, announced on March 16 that it was ready to raise about 7.1000 trillion yen in Japan yen from the Swiss central bank after its stock price plummeted, but it has not been able to dispel its concerns about its management since then.

Under these circumstances, according to several Western media such as the Financial Times in the United Kingdom and Bloomberg in the United States, UBS, the largest financial group in Switzerland, is in negotiations to acquire all or part of Credit Suisse's business.

UBS is also cautious about the acquisition of its investment banking division, which has been plagued by a series of transaction losses and scandals, and is seeking Swiss authorities to compensate for the losses and risk of litigation associated with the acquisition.

Regarding the negotiations, the Swiss central bank, the Swiss National Bank, also called for a clear direction before the start of trading in financial markets at the beginning of the week in order to stabilize the financial system.

Shocking plight of Switzerland's leading financial institutions

The Swiss financial industry is one of the pillars of the country's industry, and with so many people engaged in it, the plight of the country's leading financial institutions is shocking.

A man who has been using Credit Suisse for many years said: "This bank has done a lot of bad things like any other bank, and the problem is that it is too big to fail considering the impact not only on Switzerland but also on the global economy."

Another man also criticized the lax risk management system that prioritized profits and led to numerous scandals, saying, "This is what happens when management is not solid, and I think that an overly proactive attitude may have led to the current situation."

In addition, some expressed concern that the background was that central banks around the world were raising interest rates in order to contain inflation, and that this was a sign that the problem was spreading globally as banks in the United States failed one after another.

On the other hand, a woman who works for Credit Suisse said, "I think the Swiss banking system is safe because financial regulations in Europe are much stricter than in the United States."

Another man said, "I'm not worried because the bank has enough money and I can withdraw whenever I need it."