Hamers, who will lead the newly merged business together with UBS Chair Colm Kelleher, tried to quell any nervousness about the deal struck over the weekend to buy the ailing Credit Suisse for CHF3 billion ($3.2 billion).
“The takeover means that we are bringing back stability and security for CS clients,” he said in an interviewExternal link with Swiss public television SRF on Monday. “We have a very good capital ratio at UBS and a very good liquidity position. So we have contained the risks in the markets.”
“We can now be a globally managed bank with assets under management of up to CHF5 trillion [$5.4 trillion],” he added. “And with that, we bring something to the world and to Switzerland that we can be proud of.”
No information on layoffs
Hamers, however, could not say how many staff members may potentially face layoffs.
“There are certainly opportunities and chances for growth,” he said. “The many employees – CS has 50,000 worldwide – also have a new future together with us. And together we can build an even more beautiful bank.”
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“It’s a historic day in Switzerland and a day, frankly, we hoped would not come,” Kelleher said in a conference call with analysts. “I would like to make it clear that while we did not initiate discussions, we believe that this transaction is financially attractive for UBS shareholders.”
UBS shares took a tumble of roughly 8.6% in price on Monday morning to reach CHF15.625. Credit Suisse shares, meanwhile, fell by nearly two-thirds and were trading at around CHF0.73.
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Credit Suisse to borrow up to CHF50 billion from Swiss National Bank
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