The European Commission approved the merger of Swiss Credit Suisse and UBS

The European Commission has approved the merger of two Swiss banks - Credit Suisse and UBS. This is stated in message EC.

“The Commission concluded that the merger would not significantly reduce competition in the markets of the European Economic Area. <…> The combined entity will continue to face significant pressure from a wide range of competitors in the markets, including several major global banks.

On March 16, Credit Suisse announced that it had received a $54 billion “lifeline” from the Swiss Central Bank in the form of liquidity and $3 billion in debt buyback. Subsequently, Swiss financial regulators announced the sale of the country's second largest bank, Credit Suisse. The buyer was the financial corporation UBS, which is the first number in the country's financial market. The transaction amount is 3 billion Swiss francs.

At the end of March, the Federal Council (Government) of Switzerland approved a $118 billion bailout for UBS to help it buy out Credit Suisse. “The Federal Council has adopted a special message regarding the opening of two fixed-term commitment loans to the Swiss National Bank (BNS) and UBS. The total amount of these two appropriations is 109 billion francs. [около $118 млрд] in addition to the usual additional appropriations in connection with the budget for 2023,” the government said.