UBS put under 'observation' following Credit Suisse takeover

Switzerland’s pricing supervisor has placed UBS under observation following the completion of the deal with Credit Suisse.

Swiss regulator FINMA and competition authority ComCo met with the supervisor and the Swiss National Bank to discuss the takeover and any possible fallout, and have confirmed they had drawn up guidelines to enable them to work together in the future.

UBS announced it had completed the merger between its domestic unit UBS Switzerland AG and Credit Suisse’s operations in Switzerland.

As part of the merger, Credit Suisse (Schweiz) AG has been deregistered from the Commercial Register of the Canton of Zurich and has ceased to exist as a separate entity. UBS Switzerland AG has now assumed all rights and obligations of the former Credit Suisse entity.

FINMA approved the merger in March last year saying the transaction would ensure stability for both customers and Zurich as a financial centre.

Last month, FINMA said the deal did not raise any concerns about competition despite recommendations from ComCo that it merited further scrutiny.

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