Where is he?: UBS demands correction of ComCo report

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UBS has been able to do whatever it wants for almost a year after acquiring Credit Suisse. Voices have repeatedly been raised against the threatening market power of the new megabank. They haven’t been appeased yet. The Competition Commission’s (Comco) report has not yet been published.

Is this also due to UBS? The major bank confirmed to “Tagesanzeiger”: “UBS requested that trade secrets and customer information not be included in the report.” This causes delays. However, the spokesman denies it is a blockade. According to insiders, this is exactly the situation.

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The publication of the Comco report is mandatory. But nothing has happened since Comco submitted the report to the financial markets regulator (Finma) at the end of October. The report will only be published after Finma decides what recommended measures it will implement. Finma did not want to announce when the time would finally come.

UBS’s monopoly position

But it is undisputed that UBS has enjoyed a monopoly-like position since its acquisition of CS, at least when it comes to large corporate loans or cross-border transactions with corporate clients. However, the takeover was subject to an exception in Swiss antitrust law: in the event of a merger of banks, Finma could focus more on creditor protection than competition.

March 19 marks the first anniversary of UBS’ acquisition of Credit Suisse. For the whole of 2023, UBS benefited from the acquisition of CS, despite large losses in the last quarter: profits reached 29.0 billion francs.

But this did not convince shareholders: the share price fell by more than 7 percent after the jobs figures were announced. Since then the price has recovered only slightly. (kae)

Source :Blick

Tim

I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.