Credit Suisse, green light from the EU Antitrust without conditions for the merger with UBS
The European Commission has given the unconditional green light to the merger through Credit Suisse from Ubs. The European executive concluded that the operation it does not raise competition concerns in the European Economic Area as the merger does not significantly reduce competition in markets where their activities overlap within the European Economic Area.
In particular, the European executive noted that the merged entity “will continue to face significant competitive pressure from a wide range of competitors in all markets, including several major global banks, as well as specialized suppliers and strong local actors”.
Read also: Credit Suisse and more, banks ko but managers want to pocket the bonuses
Credit Suisse, The CEO of Allianz: “the Swiss government has taken on external risks”
In the operation of Credit Suisse bailout through UBS takeover, the Federal Council has taken on external risks: Oliver Bäte, chairman of the management of Allianz, the German insurance giant, is convinced of this. “THE Cs problems they had little to do with the interest rate turnaround, they were probably caused more from a matter of investor confidence, which has gradually been lost“, notes in an interview published today by the Neue Zürcher Zeitung. “State guarantees were necessary to make the takeover by UBS possible,” acknowledges the executive. “In any case, I did not envy the Swiss government: as a small country it had to deal with a gigantic bank – which is now even much bigger – whose greatest risks were not even localized in its own country”.
Read also: Credit Suisse, regulators denounced: “irregularly” withdrawn 400 million of bonuses
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