Black rock has denied a report that it is preparing a takeover bid for the embattled Swiss lender Credit Switzerland.

“BlackRock is not participating in any plans to acquire all or part of Credit Suisse and has no interest in doing so,” a company spokesperson told CNBC Saturday morning.

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It comes after the Financial Times reported that the US asset manager was working on a bid to take over the bank, citing people familiar with the situation.

UBS has also been suggested as a potential buyer, with the FT reporting on Friday that it is in talks to acquire all or part of Credit Suisse. UBS has not commented on the report.

Credit Suisse’s future appears to be in jeopardy after a multi-billion dollar lifeline offered by the Swiss central bank last week failed to appease investors.

Shares of Credit Suisse recorded their worst weekly decline since the start of the coronavirus pandemic last week, falling nearly 35% year to date.

The latest drop in share price came after the Saudi National Bank revealed it would no longer provide cash to the bank, and follows a slowdown in its annual results over financial reporting concerns.

The bankruptcy of Silicon Valley Bank – the largest US bank failure since Lehman Brothers – and the closure of New York-based Signature Bank added further anxiety to the global banking sector.

Credit Suisse was already undertaking a major strategic overhaul to restore stability and profitability. It has faced several scandals and controversies in recent years, including the fallout from its involvement with collapsed supply chain financing firm Greensill Capital, which led to a $1.7 billion loss.

The bankruptcy of hedge fund Archegos Capital not long after led to another $5.5 billion loss for the Swiss investment bank.

This – and other controversies – have severely affected investor and customer confidence, resulting in the bank losing billions of dollars in deposits.

– CNBC’s Ganesh Rao and Elliot Smith contributed to this report.