UBS shareholders to weigh in on Credit Suisse mega-merger
UBS shareholders confront the bank’s leadership over the hastily arranged merger with Credit Suisse, engineered by the Swiss government, central bank, and financial regulators.
Concerns arise about the risks and “bad culture” from Credit Suisse bleeding into UBS, as well as the disputes and risky business sectors UBS will inherit. Credit Suisse shareholders express disappointment as the value of their investment plunges, and some UBS shareholders seek a review of the exchange ratio. The AGM takes place in Basel, with former CEO Sergio Ermotti returning to handle the integration process.
UBS becomes a banking colossus with $5 trillion of invested assets. UBS shares close slightly up, while Credit Suisse’s value has plummeted. The Ethos foundation considers legal action for a review of the exchange ratio.