UBS's multi-billion state-sponsored takeover of Credit Suisse should proceed smoothly without political obstructions, Swiss Finance Minister Karin Keller-Sutter said in an interview published on Saturday.
should proceed smoothly without political obstructions, Swiss Finance Minister Karin Keller-Sutter said in an interview published on Saturday.engineered by the Swiss authorities after Credit Suisse came close to collapse.offered to back the takeover and avoid a financial meltdown the bank's uncontrolled failure could have triggered.
"The guarantee agreement with UBS is still being negotiated. In many committee meetings, I got the impression that politicians definitely don't want to jeopardise the takeover," she added.Completing the merger was the highest priority, the minister said, who defended the government's intervention last month, which critics have said came too late and promised too much taxpayer support for a bank that paid out billions in bonuses to executives.
"Under the circumstances, it was and is the best possible choice, which also places the least burden on the state and the taxpayer," Keller-Sutter said. "UBS will have to hold more equity after the takeover. This will rather force them to shrink," Keller-Sutter said.The risks to the taxpayer were also acceptable - even though the government could assume up to 9 billion francs in losses incurred by UBS by the takeover.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
UBS CEO tells Credit Suisse staff to stay focused on clients and the businessUBS Chief Executive Sergio Ermotti has told Credit Suisse staff it is 'critical' to remain focused on clients and keeping the business running as the merger of the two banks proceeds, according to an internal memo seen by Reuters.
Consulte Mais informação »
Nasdaq 100: A meaningful move higher can emerge toward resistance at 13603/721 – Credit SuisseNasdaq 100 ended Q1 strongly. Analysts at Credit Suisse look for further strength to the 50% retracement at 13606/721. Rally to extend “A more meaning
Consulte Mais informação »
USD/SGD to fall in Q2 within a 1.2800-1.3400 range – Credit SuisseEconomists at Credit Suisse think USD weakness will push USD/SGD lower in a 1.28-1.34 range. Prospect of a dovish Fed pivot means that the NEER basket
Consulte Mais informação »
See the top Credit Suisse investment bankers being eyed by rivalsRecruiters are being flooded by resumes from Credit Suisse. Here are 19 investment bankers standing out from the crowd.
Consulte Mais informação »
Swiss State-Owned Banking Giant Postfinance to Offer Crypto Services – Finance Bitcoin NewsPostfinance, one of Switzerland’s largest retail banks, will offer customers access to major cryptocurrencies and related services.
Consulte Mais informação »
EUR/USD to eventually move above its YTD high at 1.1035 for a test of 1.1185/1.1275 – Credit SuisseEconomists at Credit Suisse look for EUR/USD to eventually see a clear and sustained break above its downtrend from May 2021 and 50% retracement of th
Consulte Mais informação »