On April 4 local time, Credit Suisse held its last annual general meeting in Zurich, Switzerland. Facing the wrath of investors big and small, Credit Suisse chairman Axel Lehmann has apologized for the plight of the veteran lender being brought to the brink of bankruptcy and hastily taken over.
Last month, UBS agreed to buy struggling Credit Suisse for 3 billion Swiss francs at a discount, brokered by Swiss authorities, while the Swiss government provided more than 200 billion Swiss francs in backing and guarantees. The hastily arranged rescue has not only angered the shareholders of the two banks, but also made many Swiss people uneasy.
On April 5, UBS also held a general meeting of shareholders. UBS chairman Colm Kelleher said at the meeting that the integration of Credit Suisse will take three to four years, and even with government support, ” There are also huge risks in integrating these businesses.”
But Kelleher also said that through the combination with Credit Suisse, UBS can expand its scale, enhance its wealth and asset management capabilities, and continuously strengthen its position as Switzerland’s leading global bank. “We are confident that we can successfully lead UBS and Credit Suisse. integration.”
Credit Suisse apologizes to UBS for bankruptcy: There are huge risks in integrating Credit Suisse’s business. Click on the video to see it!