BlackRock’s Hildebrand reportedly taking part in UBS, Credit Suisse talks

The Daily Retina

(Reuters) – BlackRock Inc Vice Chairman Philipp Hildebrand is taking part in talks as Swiss officials try to put together a deal for UBS Group to take over Credit Suisse Group AG, Bloomberg News reported on Saturday, citing unidentified sources.

Asked about the report, BlackRock spokesman Ryan O’Keeffe said in a telephone interview that “Philipp has no formal involvement in these discussions at all.”

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Hildebrand, who joined New York-based asset manager BlackRock in 2012, previously chaired the governing board of the Swiss National Bank. According to his biography on BlackRock’s website, in that capacity he also was a member of the Financial Stability Board, where he was appointed vice chairman in 2011.

Sources have told Reuters that UBS was mulling a takeover of embattled peer Credit Suisse, which could allay fears that an unfolding crisis at the latter bank could destabilize the global financial system.

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Earlier on Saturday, BlackRock said it has no plans or interest in acquiring Credit Suisse, after a report it was working on a bid to counter UBS.

(Reporting by Ross Kerber in Boston; Editing by Nick Zieminski)

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Source: Business – SRN News