UBS shareholders express concerns, but broadly support mega-merger
UBS bank on Wednesday held its first annual general meeting since agreeing last month to take over rival Credit Suisse, with shareholders remaining broadly supportive despite worries over the risks of the mega-merger.
This content was published on
2 minutes
Bloomberg/Keystone-SDA/jc
Italiano
it
Gli azionisti di UBS esprimono preoccupazioni, ma sono ampiamente a favore della mega-fusione
UBS Chair Colm Kelleher admitted there is a “huge amount of risk in integrating these businesses”, but said he was confident UBS could successfully navigate the challenges. Speaking at the meeting in Basel, he said integrating Credit Suisse would take three to four years, not including the wind down of the investment bank.
Outgoing chief executive Ralph Hamers also admitted the challenge but stressed the opportunities the merger presents: a bank with a total of $5,000 billion of assets in wealth and asset management will be created, and UBS will further strengthen its base, he said. The Dutchman is making way for Sergio Ermotti to return to lead the bank for a second time.
UBS last month agreed to buy its local rival for CHF3 billion ($3.3 billion) in a government-backed deal to avert a Credit Suisse collapse and financial market meltdown. At Wednesday’s meeting, its top management tried to justify the fact that the shareholders had been ignored in the decision to take over Credit Suisse. “We had to act immediately to stabilise the situation,” said Kelleher.
Some UBS shareholders expressed concerns about the risks of the merger, including a concentration of climate risk and the amount of jobs at risk worldwide.
However, the re-election of all the UBS board of directors and the sign-off on the compensation arrangements for senior staff took place with little fanfare or protest, unlike Credit Suisse’s last annual shareholder meeting on Tuesday where a significant proportion of shareholders withheld their support. Credit Suisse shareholders in fact rejected a proposed pay package for managers.
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.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
This content was published on
As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
This content was published on
After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
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.