Top UBS executives defend their 'emergency rescue' of Credit Suisse. Here's what comes next.
arranged by Switzerland's federal government, central bank, and main financial regulator known as Finma. Executives said that UBS will suspend its share buyback program and that the emergency nature of the deal meant the Swiss government brokered the deal without a shareholder vote.
"We will change. But we will not change that much. We will still be Swiss," said Ralph Hamers, the chief executive of UBS."We will be an even bigger wealth manager in the world. We will have an even bigger platform for investing where we want to bring leading wealth clients and institutional investors together.
Max Georgiou, an analyst at London-based investment research firm Third Bridge, said Credit Suisse's wealth management business is a good fit for UBS's sprawling wealth business,and last year abandoned plans to buy robo-advisor Wealthfront. Georgiou's team anticipates that UBS would likely move to"dispose of" Credit Suisse's investment banking business, he said. Credit Suisse said in a release on Sunday that it would accelerate a"radical restructuring" of its investment bank and sell a large part of its securitized products group to Apollo Global Management.
"These events could alter the course of not only European banking but also the wealth management industry more generally," Georgiou said."Our experts say the size of the merged entity provides significant pricing power but also brings potential new perceived concentration risks."
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