FINMA says higher “too big to fail” capital requirements to apply to UBS
The higher “too big to fail” capital requirements due to the progressive component will fully apply to UBS after an appropriate transitional period.
The higher “too big to fail” capital requirements due to the progressive component will fully apply to UBS after an appropriate transitional period.
Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group.
The priority for the federal government and UBS is to minimise potential losses and risks so that recourse to the federal guarantee is avoided.
Credit Suisse shareholders will receive one UBS share for every 22.48 outstanding shares held.
The European Commission has approved unconditionally, under the EU Merger Regulation, the merger between Credit Suisse and UBS.
Switzerland’s Federal Council has opened a consultation on the introduction of a public liquidity backstop for systemically important banks.
UBS Group AG will initially manage the two separate parent companies – UBS AG and Credit Suisse AG.
The Resolution report does not take account of subsequent events, in particular the merger of UBS and Credit Suisse.
In the first quarter, UBS attracted $28bn of net new money in GWM, of which $7bn came in the last ten days of March.
Due to the planned acquisition of Credit Suisse, Christian Bluhm has agreed to remain in his role as Group Chief Risk Officer.