BlackRock is working on a rival takeover bid for Credit Suisse, Financial Times reports

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BlackRock headquarters in New York, US, on Friday, Jan. 13, 2023. via Getty Images

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Blackrock is putting together a rival takeover bid for Credit Suisse, the Financial Times reported Saturday, citing several people with knowledge of the situation.

It follows an earlier Financial Times report that UBS is in talks to take over all or part of the embattled Swiss lender.

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This is a developing story and will be updated shortly.