Swiss Stocks Advance; Credit Suisse, Swiss Re, UBS Lead Gains

By Daniela Silberstein

Sept. 23 (Bloomberg) -- Stocks in Switzerland rose for a second day, led by financial shares, as speculation mounted that the global recession is nearing an end.

Credit Suisse Group AG advanced 2.3 percent after Finanz und Wirtschaft reported the company’s private banking unit is interested in acquisitions. Swiss Reinsurance Co. and UBS AG also advanced.

The SMI, a gauge of the country’s biggest and most actively traded companies, increased 19.64, or 0.3 percent, to 6,360.36 at 11:26 a.m. in Zurich. The broader Swiss Performance Index gained 0.3 percent to 5,495.06.

Federal Reserve officials may signal today that the U.S. economy has started to recover while maintaining their pledge to keep the benchmark interest rate near a record low for an “extended period.” Leaders from the Group of 20 nations will meet in Pittsburgh for two days to work on an accord to prevent a repeat of the worst financial crisis since the Great Depression and ensure a sustained recovery.

Credit Suisse rose 2.3 percent to 58.9 Swiss francs. The second-largest Swiss bank’s private banking unit is interested in acquisitions in Europe, Latin America and “particularly” Asia, Walter Berchtold, head of the division, told Finanz und Wirtschaft.

Swiss Re, the world’s second-biggest reinsurer, gained 1.6 percent to 47.44 francs. UBS AG, the biggest Swiss bank by assets, added 1.1 percent to 19.46 francs.

To contact the reporter on this story: Daniela Silberstein in Zurich at dsilberstei2@bloomberg.net.