EU antitrust authority approves Credit Suisse takeover by UBS

Approval should be granted without conditions. In March, the Swiss government orchestrated an emergency takeover of the ailing Credit Suisse by its rival.

According to insiders, the EU competition authority is likely to take over the emergency takeover of the major Swiss bank Swiss credit by the domestic rival UBS approve. After completing their preliminary examination, the EU antitrust authority will probably approve the takeover without conditions, people familiar with the matter said to the news agency Reuters on Tuesday. In mid-March, the Swiss government orchestrated an emergency takeover of the ailing Credit Suisse by rival UBS.

Operate independently

A few days ago, UBS announced details about the takeover of Credit Suisse. The two banks will continue to operate independently of one another for the foreseeable future. The integration will take place in stages.

UBS will initially operate two separate parent companies, UBS AG and Credit Suisse AG, UBS announced on Tuesday. Both companies would continue to operate their subsidiaries and offices, serve their customers and do business with counterparties.

Furthermore, UBS presented the new management team for the then consolidated banking group. Among others, the current CS CEO Ulrich Körner will also become a member of the UBS Group Executive Board upon completion of the transaction. Todd Tuckner replaces Sarah Youngwood as UBS chief financial officer. Tuckner is now CFO of the most important UBS division, global wealth management. However, this will continue to be led by Iqbal Khan in the future.

According to the information, UBS assumes that the legal conclusion of the transaction will take place in the next few weeks.