With the takeover of Credit Suisse, UBS gained gigantic market power.
(Photo: Reuters)
Zurich, Frankfurt Colm Kelleher knew that he had written Swiss economic history – but he didn’t show it. When the Chairman of the Board of Directors of UBS spoke publicly for the first time last Sunday evening about the takeover of rival Credit Suisse, he didn’t bat an eyelid. In a calm voice, he listed the advantages of the emergency merger for UBS shareholders, which finally ended with the conclusion: “This is a huge opportunity for us.”
His colleague Axel Lehmann from Credit Suisse was only able to try to explain why his bank no longer had a chance – and had to disappear from the market after 167 years. The rapid loss of customer trust over the course of a chaotic week made it clear: “Credit Suisse cannot continue to exist in its current form.”
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