UBS was considering the potential impact of buying struggling rival Credit Suisse as early as December, months before the takeover was hastily arranged by Swiss authorities in March, according to a regulatory filing.
as early as December, months before the takeover was hastily arranged by Swiss authorities in March, according to a regulatory filing.
The disclosure, dated April 26, provides the clearest insight yet into UBS's thinking and shows it had been looking at its struggling competitor months before the rescue deal orchestrated by Swiss authorities was put together.Credit Suisse for 3 billion Swiss francs and said it would assume up to 5 billion francs in losses, as part of a rescue that is backed by as much as 250 billion francs of state support.
They stepped in after clients, unsettled by market turmoil unleashed by the collapse of two mid-sized U.S. lenders, kept pulling money from the scandal-plagued 167-year-old institution., saying it had been quick to respond and called for more powers to call banks to account. Addressing a financial conference in Zurich on Wednesday, UBS Chief Executive Sergio Ermotti said the bankUBS said in the filing that the merger still required approval from regulators in the European Union, India, Japan, Mexico and South Korea.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS wary of buying Credit Suisse in February, wanted more analysis - SEC filingUBS said it had concluded in February that buying its stricken rival Credit Suisse was not desirable, but that it should prepare in case the lender encountered 'serious financial difficulties'.
Read more »
U.S. Supreme Court to examine whistleblower claims against financial firms in UBS caseThe U.S. Supreme Court on Monday agreed to examine how difficult it should be for financial whistleblowers to win retaliation lawsuits against their employers as the justices took up a long-running case involving Switzerland's UBS Group AG .
Read more »
Buy this renewable energy stock that has as much as 47% upside, UBS saysUBS is initiating coverage of renewable energy company Ameresco with a buy rating, saying the firm stands to benefit from the Inflation Reduction Act.
Read more »
Mortgage fees to rise for buyers with high credit scores, fall for those with lower scoresIn the Bay Area, the change could shift total mortgage closing costs by thousands of dollars.
Read more »
Tesla Model 3 May Get Full US EV Tax Credit Via LoopholeThe US Treasury has issued strict guidelines for the EV tax credit related to manufacturing and materials sourcing. However, there are some ways around them.
Read more »
Do stagnant California credit scores suggest consumer struggles?California’s 721 average credit score in 2022, unchanged in a year, ranked 25th among the states.
Read more »