Swiss Authorities Initiate Shotgun Merger to Prevent Banking Turmoil
To prevent further banking turmoil and Credit Suisse's collapse, Swiss authorities announced last month that UBS would purchase the smaller lender in a shotgun merger.
UBS Acquires Credit Suisse Amid Government Support and Opposition
UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion) after a run on deposits, while the Swiss government provided over 200 billion francs of support and guarantees. The deal faced opposition from shareholders and the majority of Swiss citizens, according to a survey by gfs.bern.
Shareholders to Discuss UBS-Credit Suisse Deal
Switzerland's largest bank shareholders will be able to express their opinions on the merger on Wednesday, despite potential reservations about disrupting the bank's stable trajectory.
UBS Reports Strong 2022 Financial Results
UBS reported a net profit of $7.6 billion for 2022, with robust inflows in wealth management, the company's flagship division.
Integration Challenges and Reliance on Success
The bank now faces the challenge of integrating Credit Suisse without compromising its strengths, as Switzerland's financial stability relies on the merger's success.
Sergio Ermotti Returns as CEO for UBS Takeover
UBS rehired Sergio Ermotti as CEO last week to oversee the massive acquisition, leveraging his experience rebuilding the bank following the global financial crisis.
UBS Annual General Meeting and Credit Suisse Apology
UBS's annual general meeting takes place after Credit Suisse executives, including Chairman Axel Lehmann, apologized to their shareholders for leading the bank to the brink of bankruptcy.
Regulatory Approvals for UBS-Credit Suisse Merger
The Bank of England has approved the UBS-Credit Suisse takeover in Britain, a key market for Swiss lenders. According to the European Commission, UBS also received temporary approval from EU antitrust regulators but will still need to seek clearance under EU merger rules.
