Mar 20, 2023
Swiss Bankers Association Backs UBS Takeover of Credit Suisse
(Bloomberg) -- Switzerland’s banking association said the takeover of Credit Suisse Group AG by UBS Group AG and the measures taken by the Swiss National Bank and Swiss federal authorities to shore up the banking sector “make good sense” in a statement published on their website Monday.
“The takeover ensures the stability of the Swiss financial center, gives those responsible sufficient time to organize the necessary restructuring, and strengthens trust on the part of clients,” the group said.
“This is a difficult and complicated situation for the Swiss financial center, and events are moving very swiftly. All measures that serve to ensure stability and restore calm are therefore to be welcomed. The stability of the financial center is vital to the Swiss economy as a whole.”
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