The European Commission approved the merger of UBS and Credit Suisse – Kommersant

The European Commission has completed consideration of the terms of the merger of two Swiss banks – UBS and Credit Suisse – and concluded that their merger will not harm free competition. Based on this, the regulator accepted decision to approve the transaction without any additional conditions.

As noted in a statement by the European Commission, the activities of UBS and Credit Suisse intersect within the boundaries of the European Economic Area in the areas of wealth and asset management, as well as in investment banking. However, “the panel concluded that the combined company will continue to face significant pressure from a wide range of competitors in all of these markets, including several large global banks, as well as specialty providers and strong local players.”

UBS and Credit Suisse announced on the merger in mid-March of this year. The deal took place with the direct participation of the Swiss authorities, who persuaded UBS to buy out Credit Suisse in order to save it from collapse. The European Commission provided preliminary approval of the transaction in early April so that the parties could complete it as soon as possible.

The history of the collapse of Credit Suisse – in the material “Kommersant” “The whole of Switzerland is in terrible turmoil”.

Kirill Sarkhanyants