The merger of the major Swiss banks is complete. “UBS has completed the legal process of taking over Credit Suisse (CS),” says an open letter that the now only major Swiss bank published in various newspapers on Monday. In it she speaks of the “beginning of a new chapter – for UBS, the Swiss financial center and the global financial industry”. They will “bundle expertise, size and leadership in wealth management to create an even stronger combined company”. The aim is to ensure stable conditions.
The bank also makes a promise in the statement: “We focus on our clients – individuals, entrepreneurs, companies – and help them protect and build their wealth and achieve their goals.”
A week ago today, UBS announced that it intends to complete the takeover this Monday. Last Friday, UBS and the federal government signed the necessary agreement on loss guarantees from the CS takeover. Today is also likely to be the last day of trading for CS shares on the SIX Swiss Exchange.
Almost two dozen red lines
A report of Financial Times according to the UBS now wants to impose strict rules on the Credit Suisse bankers after the takeover. UBS has therefore created a list of almost two dozen red lines. No new customers should be accepted from countries classified as particularly risky, such as Libya, Russia, Venezuela and Sudan. There are also restrictions with regard to Ukraine. In addition, no new financial products should be launched without the consent of UBS managers. Credit Suisse declined to comment. Initially, no one could be reached at UBS.