LOOSE CHANGE

LOOSE CHANGE

Reports that Crédit Suisse and Union Bank of Switzerland are considering a merger have been downplayed by observers. A merger would create the world's biggest bank outside Japan. As FX Week went to press no formal bid had been made and sources in Zurich put the chances of a deal going through at less than 50 per cent, given the anti-trust and cultural concerns a merger would raise. Top UBS officials including chief executive Mathis Cabiallavetta say that the bank is open to "new ideas" but