UBS was considering the potential impact of buying struggling rival Credit Suisse as early as December, months before the takeover was hastily arranged by Swiss authorities in March, according to a regulatory filing.
as early as December, months before the takeover was hastily arranged by Swiss authorities in March, according to a regulatory filing.
The disclosure, dated April 26, provides the clearest insight yet into UBS's thinking and shows it had been looking at its struggling competitor months before the rescue deal orchestrated by Swiss authorities was put together.Credit Suisse for 3 billion Swiss francs and said it would assume up to 5 billion francs in losses, as part of a rescue that is backed by as much as 250 billion francs of state support.
They stepped in after clients, unsettled by market turmoil unleashed by the collapse of two mid-sized U.S. lenders, kept pulling money from the scandal-plagued 167-year-old institution., saying it had been quick to respond and called for more powers to call banks to account. Addressing a financial conference in Zurich on Wednesday, UBS Chief Executive Sergio Ermotti said the bankUBS said in the filing that the merger still required approval from regulators in the European Union, India, Japan, Mexico and South Korea.
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