The competition commission plans to submit recommendations to financial regulator Finma by the end of September, according to the spokesman. Finma may then take a decision based on it and on other significant data, he said.
UBS bought its rival in March in a deal that Swiss regulators approved under emergency rules to prevent a collapse that could have triggered a financial crisis. Finma said at the time that the application of competition rules was subordinate to the financial stability priorities contained in the takeover.
Competition commission head Patrik Ducrey said in an interview with the Swiss newspaper Finanz und Wirtschaft in April that Finma had nevertheless asked his agency to issue an opinion on the matter. He said at the time that the commission would provide a “comprehensive assessment of the antitrust issues” that the Credit Suisse takeover may create.
It remains unclear whether any remedies that the commission might suggest would be adopted by Finma.
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Let’s Talk: What next after the Credit Suisse debacle?
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The Let’s Talk debate webcast examines the implications of the Credit Suisse failure for Switzerland and its financial centre.
The deal has created a gigantic bank within Switzerland although UBS has repeatedly said that there continues to be a sufficient level of competition. The combined entity will account for about 35% of domestic deposits and 31% of corporate loans, Citigroup analysts have estimated.
In May, the EU approved the takeover of Credit Suisse by UBS unconditionally, saying UBS wouldn’t raise any significant competition issues in any of the markets examined. The merger was legally completed on June 12.
UBS will report its first quarterly results since taking over Credit Suisse on Thursday.
Swiss-EU negotiations: Cassis to meet Sefcovic in Bern
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Swiss Foreign Minister Ignazio Cassis will meet the Vice-President of the EU Commission, Maros Sefcovic, in Bern on Wednesday.
Heavy snowfall in Switzerland causes traffic chaos and accidents
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The heavy snowfall late on Thursday and during the night into Friday led to traffic chaos and many accidents in many regions of Switzerland.
Chimpanzee behaviours passed down through generations
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Some of the complex behaviours of chimpanzees have been passed down and refined over generations. These include the combination of several tools for foraging.
More than 600,000 rounds of Swiss sniper ammunition reach Ukraine
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Sniper ammunition from Swiss P Defence reached Ukraine via a Polish company in July 2023, reported SRF Investigativ on Thursday, citing official information.
Environment minister outlines Swiss efforts to limit global warming
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Switzerland will do its part to achieve the goal of limiting global warming to 1.5 degrees Celcius, said Environment Minister Albert Rösti, who's attending COP29 in Baku.
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Switzerland remains by a large margin the European champion of train travel, both in terms of the number of journeys per person and the number of kilometres travelled. Switzerland remains by a large margin the European champion of train travel, both in terms of the number of journeys per person and the number of kilometres travelled. Switzerland remains by a large margin the European champion of train travel, both in terms of the number of journeys per person and the number of kilometres travelled.
Assisted suicide: Sarco inventor defends himself against killing rumours
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Sarco inventor Philip Nitschke has defended himself against rumours that one of his colleagues assisted in the suicide of a woman in Schaffhausen, northern Switzerland.
Too much attention paid to queer people, says Swiss survey
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Most Swiss are well disposed towards LGBTQ people, according to a study. However, prejudice and intolerance persist in certain sectors of society, particularly towards transgender and intersex people.
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