The government-backed deal to fold Credit Suisse Group AG into UBS Group AG has the support of regulators globally, though it may alter the enlarged group’s capital requirements down the line, according to Switzerland’s top markets supervisor.
(Bloomberg) — The government-backed deal to fold Credit Suisse Group AG into UBS Group AG has the support of regulators globally, though it may alter the enlarged group’s capital requirements down the line, according to Switzerland’s top markets supervisor.
“Credit Suisse has a Swiss bank and UBS has a Swiss bank, and together they will have a very successful Swiss bank I think,” Urban Angehrn, director of Finma, told Bloomberg News. “The framework for capital liquidity is such that large banks are appropriately regulated, they need to hold more capital, to hold extra liquidity, and we take of course a close look at the ones where size is the biggest.”
The deal followed “more than two days of intense negotiations, several of them, and we worked day and night, and others worked day and night as well,” he added.
Finma got messages of support from “key regulators, those that are most relevant for CS Group, and for UBS, notably or most importantly the ones in the US and the UK,” Angehrn said.
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