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.
Macron will attend Swiss summit on Ukraine, says Zelensky
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French President Emmanuel Macron will attend the peace conference on Ukraine at the Swiss Bürgenstock resort next month, according to Volodymyr Zelensky.
Top politician tells ‘corrupt’ Eurovision to stay away from Bern
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A social media post by the president of Bern’s cantonal government critical of the Eurovision Song Contest has created waves and will be discussed in the cantonal parliament.
Swiss centre records over 200 victims of human trafficking
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Last year 317 people took part in a protection programme run by the Specialist Unit for Trafficking in Women and Women’s Migration (FIZ) in German-speaking Switzerland.
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The Geneva-based International Committee of the Red Cross (ICRC) and partners are opening a field hospital in southern Gaza on Tuesday.
Lack of smartphone sustainability in Switzerland hits environment
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Almost half of all Swiss citizens hang on to their old smartphones, tablets and laptops, according to the Federal Statistical Office.
Police clear out pro-Palestinian students protesting in Geneva
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The police intervened early on Tuesday to dislodge pro-Palestinian students who had been occupying the University of Geneva for almost a week.
New gel developed in Zurich renders alcohol harmless
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A newly developed gel composed of whey proteins breaks down alcohol in the body and could reduce its harmful and intoxicating effects in humans.
Pro-Palestine protests extend to Basel and Fribourg universities
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Demonstrators called for an academic boycott of all Israeli institutions and disassociation with Chaim Weizmann, the first Israeli president.
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