Swiss Parliament has Blunt Words for UBS: The major parties in the Swiss Parliament largely agree the combined UBS is too big. But thwarting the merger by political means is difficult. ubs specialsession
The Swiss National Council and the Council of States are debating the emergency rescue of Credit Suisse in a special session starting today and running through Thursday. A hot topic is the domination of the Swiss banking industry by a single major bank that could develop concentrated market power in certain industry segments.
The FDP wants to ensure the new megabank is reduced in size, with SVP National Councilor and banker Thomas Matter singing from the same song sheet. There should no longer be a single Swiss bank whose bankruptcy is so systemically important that it has to be rescued by the state or taxpayers.The demands of the centrist party are somewhat less stringent. According to its parliamentary group leader Philipp Matthias Bregy, it does not want to stop the takeover of Credit Suisse by UBS.
Then UBS would be free to decide whether to submit to the stricter regulation for big banks or to downsize.Amid all the clamor, it seems to be forgotten the parliament cannot thwart the merger of UBS and Credit Suisse. Before the takeover is finally approved, the hands of the politicians are tied. The authorities, for their part, have already approved the merger under emergency law, which can only be applied for six months.It is entirely up to UBS whether it integrates Credit Suisse completely, spins off part of it, targets an IPO, or takes any other decision regarding the future of the defunct Credit Suisse.
However, there could still be a political tug-of-war after the merger goes through, as finews.com reported.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Switzerland's Federal Council Breaks a Monetary Policy TabooSwitzerland's Federal Council Breaks a Monetary Policy Taboo: Emergency legislation enacted to allow UBS to take over Credit Suisse violated the central tenet of Swiss monetary policy and undermines the independence of the… avenirsuisse federalcountil
Read more »
UBS-Geheimvorbereitung zahlte sich im Credit-Suisse-Moment ausDie UBS hat innerhalb weniger Tage einen der grössten Bankendeals aller Zeiten unter Dach und Fach gebracht. Die Vorarbeit dazu begann jedoch schon vor Jahren.
Read more »
Geldberater: Riskante Integration – Soll ich meine UBS-Aktien verkaufen?Martin Spieler nennt im Hinblick auf die CS-Übernahme die Risiken und Chancen für die UBS und deren Aktionäre.
Read more »
UBS: Middle East Family Offices Eye Hong KongUBS: Middle East Family Offices Eye Hong Kong: Wealthy individuals from the Middle East are showing interest in setting up family offices in Hong Kong, according to UBS’s Amy Lo, amid government efforts to lure more riches into the… UBS familyoffice
Read more »
Bekannter Bankanalyst sieht UBS-Aktie viel höher - «Transformation in ein Vermögensverwaltungs-Powerhouse»Kian Abouhossein von JPMorgan, einer der erfahrensten Bankanalysten, erhöht das Kursziel für die Aktie der UBS deutlich. Die Übernahme der Credit Suisse böte mehr Chancen als Risiken, schreibt er.
Read more »
Ex-UBS-Kadermann positioniert sich als Multi-VerwaltungsratEx-UBS-Kadermann positioniert sich als Multi-Verwaltungsrat: Nach 40 Jahren im Sold der Schweizer Grossbank UBS baut ein ehemaliger Kadermann seine Karriere als Multi-Verwaltungsrat zielstrebig aus. Er ist ein ausgewiesener… stefanoveri woodman
Read more »