UBS Group AG (NYSE:UBS) and Credit Suisse Group AG (NYSE:CS) are reportedly opposed to the idea of an enforced merger, as authorities in Switzerland play out scenarios for a government-orchestrated tie-up,
According to Bloomberg, citing sources, UBS would prefer to focus on its wealth-centric standalone strategy and is reluctant to take on risks related to Credit Suisse.
The smaller of the two banks is seeking time to see through its turnaround after securing £44.5bn in liquidity from the Swiss National Bank, it said.
This comes after Credit Suisse has been hit by a series of senior departures in its Asia-Pacific equities business, according to the news outlet.
Nick Silver, co-head of equities for Asia Pacific and head of equities for Japan, is leaving for a senior role at BNP Paribas SA, while Jonathan Jenkins, head of equity sales for the region, and Chris Prasertsintanah, head of equities for South Asia and country manager for Thailand, have also decided to leave.
Credit Suisse has declined to comment.