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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How a bad bank saved the Swiss economy
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When the 2008 financial crisis arrived, Switzerland’s major bank UBS was threatened with bankruptcy. Thousands of people could lose their homes.
“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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A world without Credit Suisse
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The ailing Swiss bank and its image look set to slowly fade from our collective memory after the shock announcement of a UBS takeover.
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Switzerland wants to examine cooperation with the EU in the defence sector
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Swiss trial shows organic farming is 85% as productive as conventional agriculture
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Nestlé fined by Swiss canton for illegally filtered water
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Swiss government proposes restrictions on Ukrainian refugees
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The Fribourg parliament approved a sum of CHF6.4 million to renovate the ramparts, the walkway and the towers, as well as to replace the exterior lighting.
Swiss rental housing listings increase for the first time in three years
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Switzerland doing relatively well when it comes to child vaccination rates
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Progress in child immunisation has stalled. For decades, the number of children vaccinated against measles, polio and other diseases has risen. But since 2010, vaccination rates have stagnated in many countries, according to a study.
Credit Suisse to borrow up to CHF50 billion from Swiss National Bank
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Switzerland’s second largest bank said it plans to borrow up to CHF50 billion from the Swiss central bank after a day of market turmoil.
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