UBS expects integration with Credit Suisse to take several years

UBS Group Chairman Colm Kelleher noted that the merger of UBS with Credit Suisse was not easy, saying that the integration of the institutions may take 3-4 years.

Kelleher made remarks about the Credit Suisse acquisition at the annual general meeting of Switzerland’s largest bank, UBS.

Stating that UBS’s acquisition of Credit Suisse carries significant risks with regard to the implementation of the plans, Kelleher stressed that the deal is not an easy one.

Expressing that the integration of UBS Credit Suisse will be successful, Kelleher said: “I look forward to the integration of Credit Suisse into UBS over 3-4 years.” saying.

KELLEHER RE-CHAIRMAN OF THE BOARD

Stating that UBS decided to suspend the share buyback program at the time of the acquisition, Kelleher said it would resume as soon as possible.

Noting that UBS plans to focus on growth in private services and asset management, Kelleher said the amount of capital allocated to investment banking will decrease significantly.

Emphasizing that Credit Suisse plays a vital role in the development of the Swiss economy, Kelleher said: “Credit Suisse will no longer be an independent company.” saying.

Furthermore, at the general meeting, UBS shareholders re-elected Kelleher as chairman of the board.

WHAT HAPPENED?

After the banking crisis that started in the US in recent weeks, there was a panic at Credit Suisse in Europe.

The bankruptcy of Silicon Valley Bank (SVB) and Signature Bank in the US, and the announcement that Saudi National Bank, the largest partner of Swiss bank Credit Suisse, would not increase its capital in Europe, increased uncertainty in the markets.

As the crisis of confidence in the Swiss bank Credit Suisse created shock waves in global financial markets, UBS announced on March 19 that it would buy Credit Suisse for 3 billion francs with the support of the state and the central bank. (AA)