UBS was considering a takeover of local rival Credit Suisse months before the latter collapsed and the Swiss government took emergency actions to assist a merger.

A filing to the US Securities and Exchange Commission (SEC) has revealed that UBS had been mulling the impact of a deal since December, before ultimately concluding in February that a takeover was not desirable.

The disclosure, dated April 26, also stated that the bank should however be prepared for a deal in the event that Credit Suisse encountered “serious financial difficulties”.

UBS would go on to agree a $3.37 billion emergency takeover of Credit Suisse in March, in a government-backed deal which also saw UBS assume up to $5.61 billion in losses.

The filing notes that the merger still requires approval from regulators in the European Union – having received temporary approval from the bloc’s antitrust regulators – India, Japan, Mexico and South Korea. The US Federal Reserve last month approved UBS Group’s acquisition of Credit Suisse’s US subsidiaries.

Last week, Swiss Newspapper NZZ am Sonntag reported that UBS is working to spin off the Swiss part of Credit Suisse. This unit would be overseen by current Credit Suisse chief executive Andre Helfenstein.

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