UBS and Credit Suisse opposed to forced merger, Bloomberg reports

UBS (UBS) and Credit Suisse (CS) are opposed to a forced combination, even as scenario planning for a government-orchestrated merger continues, Dinesh Nair, Myriam Balezou and Jan-Henrik Forster of Bloomberg report, citing people with knowledge of the matter. UBS would prefer to focus on its own standalone strategy and is reluctant to take on risks related to Credit Suisse, sources told Bloomberg. Meanwhile, Credit Suisse rival is seeking time to see through its turnaround after receiving a liquidity backstop from the Swiss central bank, the people added. Shares of UBS and Credit Suisse are trading 1.3% and 3% higher in New York, respectively, after the news. Reference Link