Swiss regulators that engineered the marriage of UBS Group AG and Credit Suisse Group AG succeeded in stabilizing the nation’s financial system, Vontobel Holding AG Chief Executive Officer Zeno Staub said.
(Bloomberg) — Swiss regulators that engineered the marriage of UBS Group AG and Credit Suisse Group AG succeeded in stabilizing the nation’s financial system, Vontobel Holding AG Chief Executive Officer Zeno Staub said.
“It’s a very clear step toward stability,” Staub said Wednesday in a Bloomberg TV interview.
Swiss regulators, the government and the national bank came up with a solution that steadied the country’s financial center and stemmed “potential contagion across the frontiers of Switzerland and globally,” he said.
Earlier this month, UBS bought its long-standing rival for $3.4 billion. The government-brokered deal came as Credit Suisse faced a collapse in market confidence and client outflows on the back of years of management mistakes and scandals.
“The top priority was achieved,” said Staub, 53, who has run the Zurich-based money manager for more than a decade. “The first-order consequences are very positive and now there’s a lot of work to be done.”
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