Swiss wealth manager Credit Suisse, which is dealing with fallout from the collapse of clients Archegos and Greensill, may seek a merger with rival UBS to overhaul the business.

The top management of the scandal-hit bank fears that the falling stock prices could lead to a hostile takeover by foreign rivals, Reuters reported citing three people familiar with the matter.

They are also concerned that the investors may demand a break-up of the bank, according to the sources.

Credit Suisse witnessed its share price shrink following Archegos scandal, which cost the bank more than $5bn loss.

The bank also suffered losses from Greensill meltdown, in which it was associated with selling around $10bn worth of created securities through its asset management unit.

“Credit Suisse needs a merger deal right away,” a person aware of the bank’s thinking told the news agency

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“There is growing concern in Zurich that activist investors will go after them if they stand still.”

Credit Suisse-UBS merger is likely to attract regulatory concerns as it would have a dominant position in the Swiss market.

The combined firm will have workforce of more than 110,000 and a market value of over $85bn.

According two people, some executives of the bank have argued steps including offloading regional unit in view of a merger, spinning off the investment arm or selling its asset management business.

There are also debates about offloading US investment arm is also an option for the crisis-ridden Swiss lender.

According to the sources, the management discussions on any restructuring are currently in its initial phase and no decisions have been made.

Credit Suisse and UBS did not comment on the report.

In May this year, US-based law firm Frank R. Cruz filed a lawsuit against Credit Suisse, representing investors in the Swiss bank, over its dealings with Archegos and Greensill.

The bank is also facing enforcement proceedings Swiss financial regulator Finma in connection with the scandals.

Finma is investigating issues of risk management related to both cases.