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The European Commission approves the rescue of Credit Suisse by UBS without conditions

Date: March 1, 2024 Time: 23:21:24

The European Commission has informed this Thursday that it has approved, without imposing any type of condition, the absorption of Credit Suisse by UBS on the understanding that the transactions do not raise competition problems in the European Union. The Community Executive has explained that its investigation shows that the absorption “will not significantly reduce competition” in the markets in which the activities (of the two banks) overlap within the European Economic Area (EEA).

In particular, Brussels considers that the entity resulting from the merger “will continue to face significant competitive pressure from a wide range of competitors” in the markets in which it participates, including “several global banks, specialized providers and strong local players “.

“The Commission concluded, therefore, that the proposed merger does not raise competition concerns in any of the markets examined within the EEA and found the transaction unconditional,” the community authorities remark. Swiss bank UBS agreed to buy its competitor Credit Suisse in mid-March after the latter, a few days after turbulence with regional banks in the United States, was caught up in a crisis of confidence that plunged its market share. .

UBS, which paid 3,000 million francs (3,050 million euros) for Credit Suisse to save it from bankruptcy, was confident that it could close the operation at the end of this May or June, as anticipated earlier this month by the CEO of the former. of these banks, Sergio Ermotti, at a conference in Zurich.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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