Report: Swiss competition watchdog seeks probe into dominant position of UBS
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.
This content was published on
2 minutes
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 However, a spokesperson said that the report would not be published until the financial market supervisory authority had reached a decision.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
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
North African asylum claims fall after rapid Swiss processing
This content was published on
The accelerated procedure, now out of its test phase, has resulted in a significant drop in applications from North African countries.
This content was published on
The artist's song "The Code" focuses on their journey as a nonbinary individual. It is one of the favourites to win this year's contest.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Competition watchdog still looking at UBS takeover of Credit Suisse
This content was published on
According to a media report, the Swiss Competition Commission could still demand conditions from UBS during the takeover of Credit Suisse.
UBS reports Q4 loss, layoffs, and cost cuts amid integration
This content was published on
Despite posting a loss in the final quarter of 2023 and implementing significant layoffs, UBS reported a record profit for the year.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.