Switzerland's competition commission has reportedly called for an in-depth investigation into UBS's dominant position since its rescue of Credit Suisse last year.
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Keystone-SDA
The competition commission (COMCO) late last year submitted its findings to market regulator FINMA in a report examining the impact of the takeover, Reuters said on February 29, citing anonymous sources.
The contents of the report have not been previously reported. The source spoke on condition of anonymity because of the sensitivity of the matter.
The competition watchdog told Reuters it would take a position once FINMA had reached a decision but would not comment at this stage on the content of that position. FINMA confirmed to the agency that a review of the situation was underway, while UBS declined to comment.
COMCO confirmed to the Keystone-SDA news agency that it had sent a report to FINMA. However, a spokesperson said that the report would not be published until the financial market supervisory authority had reached a decision. By law, responsibility for bank mergers lies with FINMA, and COMCO can only make recommendations.
The report in question contains recommendations for improving competition in certain areas, according to Reuters. COMCO refused to give any specific details of the report’s content.
FINMA told Keystone-SDA that an investigation into the consequences of the UBS takeover of Credit Suisse was underway. The merger of the two major banks was authorised on March 19, 2023, and FINMA will not comment on any further measures. It also refused to say when a decision would be taken.
Translated from French by DeepL/sb
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