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

Bloomberg News reports that Philipp Hildebrand, Vice Chairman of BlackRock Inc, is involved in talks as Swiss officials try to put together a deal for UBS Group to take over Credit Suisse Group AG, as per unidentified sources.

BlackRock’s spokesman stated that Philipp has no formal involvement in these discussions at all.

Hildebrand, who became a part of BlackRock, a New York-based asset manager in 2012, presided over the governing board of the Swiss National Bank earlier. He was also a member of the Financial Stability Board, where he was elected Vice Chairman in 2011 according to his biography on BlackRock’s website.

A takeover of Credit Suisse by UBS was being considered by insiders. This could prevent an unfolding crisis at Credit Suisse, a peer bank, from destabilizing the global financial system, as per Reuters sources.

In another report, BlackRock stated that it has no plans or interest in acquiring Credit Suisse, after a report showing it was developing a bid to counter UBS.

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

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