The End is Invevitable for Credit Suisse's Swiss Business: On Monday, the takeover of Credit Suisse becomes official from whence UBS will call the shots. A separate path for the Swiss business of the soon-to-be-extinct bank now also… creditsuisse ubs
On Monday, CEO Sergio Ermotti can finally pull out all the stops. With the delisting of Credit Suisse shares, the takeover by «his» UBS is complete, leaving only the UBS Group.With the integration, the waiting game on both sides of the merger ends. Due to regulatory requirements, UBS management at Credit Suisse was only allowed to take limited action.
Publicly, UBS is saying all options are being considered for the Swiss unit of Credit Suisse. At the same time, the head of UBS said the integration of Credit Suisse Switzerland is the basic scenario for the takeover, and to sharpen the point that there is no need for two big banks in Switzerland.This isn't a good omen for Credit Suisse's continued existence in its home market, where the bank can look back on a 166-year tradition.
But a different course was set on March 19 with the government-mandated takeover of Credit Suisse where creditor protection was weighted higher than competition law. «Due to the accentuated emergency, the authorities judged the merger with UBS to be the target-oriented solution to protect bank creditors, the Swiss economy, and the Swiss financial system and to counter the crisis of confidence,» a Finma spokesman said.
Finma has proven it's willing to go far to ensure the takeover's success. Imposing the write-off of Credit mandatory convertible bonds, which has brought Finma hundreds of lawsuits, is one example. It has accommodated UBS by giving it until the end of 2029 to meet all the new capital adequacy requirements.With this in mind, Ermotti is free to keep the choice cuts of Credit Suisse Switzerland.
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