According to a media report, the Competition Commission (Weko) could still demand conditions for UBS because of the CS takeover. The competition authorities are currently examining the takeover and conducting hearings. This was confirmed by a Weko spokesman for the AWP news agency after a report by the “Handelzeitung”.
“We will send our opinion to the financial market authority Finma at the end of September,” announced Weko director Patrik Ducrey. Ducrey did not want to say anything about whether and, if so, what conditions ComCo would recommend to Finma.
“But it would be surprising if the bypassed cartel guardians waved the monster takeover through without any suggestions for correction,” the article says. Another question is whether the financial market supervisory authority will take up Weko’s concerns.
Legend: Weko is now also examining the deal. Icon image/KEYSTONE/Ennio Leanza
So far there have been no conditions – although it was a merger of giants. The Swiss competition authority had nothing to say about the emergency takeover of the once second-largest Swiss bank by the now even larger UBS, which was announced in March and completed in June. In cases where financial stability is at stake, Finma can approve a merger without an examination by ComCo.