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UBS

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Swiss prosecutors say investigating UBS-Credit Suisse merger

Swiss prosecutors are investigating the UBS takeover of Credit Suisse, following pressure from authorities and media leaks. The probe aims to identify any criminal offences and ensure Switzerland’s financial centre remains “clean.” The merger was arranged by the government to prevent a global financial meltdown after Credit Suisse’s share price collapsed due to a series of scandals. The rescue merger is not only “the biggest transaction” since the 2008 financial crisis but also “the first time” two systemically important banks at the global level will merge.

Saudi National Bank chair resigns after Credit Suisse buyout: statement

The chairman of Saudi National Bank, Ammar AlKhudairy, has resigned due to personal reasons, according to a statement. The bank was the main shareholder of Credit Suisse before its recent buyout, and AlKhudairy’s comments about not raising the bank’s stake caused the latter’s shares to plummet.

UBS, Credit Suisse tie-up may not lead to Swiss bliss

The Swiss National Bank has acknowledged that the merger of UBS and Credit Suisse to prevent a global financial crisis could create competition issues and cause domestic problems in Switzerland. While UBS was already the largest bank in Switzerland, the acquisition of Credit Suisse will make it even bigger, and the resulting megabank would need careful attention to address competition concerns. Despite this, the SNB has assured that the Swiss banking industry remains resilient and robust. However, the formation of a bigger bank will present greater systemic risks and must comply with more stringent regulations.

Swiss sweat over size of new superbank

UBS and Credit Suisse’s merger will create the biggest bank in Switzerland, raising concerns about its size. Both banks are considered too big to fail and are of strategic importance to the global banking system. Some in business, industry, and politics are sceptical about the merger and the impact on services offered to companies, costs, and competition. The merger prevented the collapse of Credit Suisse and triggered criticism among Swiss political circles, with calls for further regulation and partial nationalization.

Credit Suisse deal wipes out high-risk debt holders

Credit Suisse’s $17.3 billion worth of high-risk debt will be written off as part of its merger with UBS, according to Swiss authorities. The 16 billion Swiss francs of additional tier 1 bonds will be written down, resulting in an increase in the bank’s core capital. Shareholders will receive three billion Swiss francs, while the AT1 bonds will be written off to zero, a blow to bondholders. The merger with UBS was designed to prevent Credit Suisse’s troubles from spreading to the wider banking industry.

UBS takeover of Credit Suisse: the main points

UBS’s takeover of Credit Suisse will create a banking giant worth three billion Swiss francs, preserving financial stability and creating a wealth management behemoth with $5 trillion in total invested assets. The deal will be an all-share transaction, and Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares held. The Competition Commission will have no say in the exceptional merger between the country’s two biggest banks, and the merger is expected to be consummated by the end of 2023.

UBS takes over Credit Suisse in move to calm the markets

UBS to acquire Credit Suisse for $3.25 billion in a bid to prevent economic turmoil from spreading throughout Switzerland and beyond, with the deal receiving support from Washington, Frankfurt, and London. The acquisition creates Switzerland’s largest banking giant, raising concerns over possible layoffs.