The Strategist

Switzerland to probe UBS’s takeover of Credit Suisse

08/29/2023 - 03:31

According to Patrik Ducrey, the organization's director, the Swiss Competition Commission (Weko) is reviewing the terms of UBS's acquisition of Credit Suisse.

Ank Kumar
Ank Kumar
"We will present our position to the Financial Markets Supervisory Authority at the end of September," Ducrey stated.

He made no mention of the specific antitrust laws that may have been broken.

The price of Credit Suisse shares on the stock market fell by 25% in mid-March.

According to the Swiss central bank, UBS, the largest bank in the nation, is purchasing the financially troubled Credit Suisse for three billion Swiss francs ($3.2 billion). The Swiss government declared its intention to give the nation's central bank 114 billion dollars to pay off the loans given to Credit Suisse. 

It was intended to give UBS additional ten billion dollars to cover losses stemming from the acquisition of Credit Suisse. UBS officially announced the completion of the acquisition on June 12.