The CEOs of UBS Group AG and Credit Suisse Group AG plan to merge their businesses to create one of the largest banks in Europe. This was announced on Saturday, April 10, Bloomberg.
According to the analytical publication, the Swiss financial holding Credit Suisse intends to merge with market leader UBS Group to cover losses due to the recent collapse of two hedge funds.
Bloomberg also writes that, in addition to the merger with UBS, Credit Suisse Group AG plans to clean up assets, reduce the capital of the bank’s investment division, sell part of the business.
According to the interlocutors of the publication, the future association will face several difficulties. First, for antitrust reasons, Credit Suisse will have to lose its Swiss branch before the merger. Second, the Swiss banking regulator is experiencing a change of leadership. And there is a risk that it will not approve the agreement. In addition, “the merger will upset the balance in the investment banking sector not only in the country but also in Europe.”
Bloomberg explains that the crisis in Credit Suisse is due to the collapse of two hedge funds – Greensill Capital and Archegos Capital. The first Swiss financial conglomerate issued a loan of $ 140 million, which has already been defaulted. Greensill was forced to sell its assets for $ 10 billion, which he managed together with Credit Suisse.
Archegos Capital, whose broker was Credit Suisse, made a margin call in late March. This resulted in a loss of $ 4.7 billion to the Swiss bank.
Following the collapse of Archegos and Greensill, Risk Director Lara Warner and Credit Suisse Investment Director General Brian Chin were fired from the conglomerate.
It became known last fall that the banks were planning a merger. At the time, the main driving force behind the deal was UBS CEO Axel Weber, who is due to step down in 2022. He planned to head a new board of directors in the joint holding.
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