UBS Group AG will on Wednesday seek to reassure shareholders that its unexpected takeover of rival Credit Suisse Group AG in the biggest bank rescue since the last global financial crash can work.
Swiss authorities announced
that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse. After a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ,The move angered not only shareholders but many in Switzerland. A survey by political research firm gfs.bern found a majority of Swiss did not support the deal.
Shareholders of Switzerland's largest bank will have the chance to air their views on Wednesday, although they may be wary about rocking a boat that had been on a steady course.and strong inflows in wealth management, the company's flagship division. Now, the bank is looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, without undermining its strengths.
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