Swiss banks UBS Group and Credit Suisse Group are against the idea of a forced merger, although chances are there that the government could combine their operations, Bloomberg reported citing people familiar with the issue.

UBS seeks to promote its own strategy based on wealth management and does not want to engage in risks associated with Credit Suisse, added the unnamed people.

Credit Suisse is asking for time to recover after receiving a liquidity package from the Swiss central bank.

The embattled bank had a close shave this week after securing CHF50bn ($54bn) of additional liquidity from the Swiss National Bank. The credit line is expected to boost the confidence of investors of the bank.

It follows a call for help by Credit Suisse to the government for showing their support publicly after the bank’s shares stooped to a record low.

The bank’s top investor Saudi National Bank has also showed its reluctance to pump additional money into it. This triggered a massive selloff at Credit Suisse as the investors are already worried after the collapse of Silicon Valley Bank.

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By GlobalData

For both UBS and Credit Suisse, takeover could be the last option as it involves major barriers and overlap, according to the people.

The banks and the authorities are now exploring various potentials and are yet to finalise any additional measurers besides the liquidity help.

Furthermore, Credit Suisse might split its businesses and divest its wealth management activities to UBS or a different buyer, stated two of the people.

They also said that the bank’s Swiss arm could be run as a new unit to safeguard Swiss deposits, with the asset management and investment banking divisions being sold or divided.