“UBS doesn’t pay three billion for Credit Suisse – they get 13 billion for the takeover,” says an ex-manager.
(Photo: dpa)
Zurich After the historic emergency merger of the two major Swiss banks UBS and Credit Suisse, outrage over the deal is growing. The low purchase price for Credit Suisse, the total loss for creditors of certain subordinated bonds and the historically unique state guarantees annoy bankers, customers and investors.
On Sunday evening, the Swiss National Bank (SNB), financial regulator Finma and the Swiss government presented a solution to the Credit Suisse crisis after sometimes difficult negotiations with UBS. Accordingly, UBS takes over the former rival for three billion francs. That is less than half of last Friday’s market value.
Previously, growing uncertainties in the financial sector, emanating from some bank difficulties in the United States, and apparently thoughtless statements by a major Saudi shareholder in Credit Suisse had triggered a share price crash and a customer exodus.
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