The Swiss bank “UBS” promises a transparent investigation into the failure of “Credit Suisse”
The head of the Swiss bank “UBS” promised a “360-degree investigation” into the case of the failure of its local rival, “Credit Suisse”, before their merger into a new mega bank.
The Swiss government urged UBS to buy its rival for $3.25 billion after concerns about its financial situation following the collapse of three US banks in March, in addition to a series of scandals that have plagued Credit Suisse in recent years.
“It is quite clear that this situation did not arise in the last six weeks, but in the last six or seven years,” said UBS chief executive Sergio Ermotti, who returned to work with Switzerland’s largest bank last month to take over the merger.
The Swiss news agency ITS quoted Ermotti as saying, during a Swiss media forum in Lucerne, that “this comprehensive 360-degree investigation should go back a long time.”
He added that a full review of the causes of the problems at Credit Suisse is important because of the speed with which it was agreed to buy it.
Ermotti pointed out that “a lot of things that are happening now would have taken a year under normal circumstances.” Credit Suisse has been rocked by a series of scandals in recent years, including the bankruptcy of UK financial firm Greensteel.
UBC agreed to buy its damaged local rival, Credit Suisse, backed by some hefty Swiss government guarantees. The acquisition will create a super bank responsible for $5 trillion in investments, Ermoti said, hinting that the merger could be completed by the end of May.
(AFP)
2023-05-13 15:12:59
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