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A few days ago the unthinkable became reality: Credit Suisse (CS) is about to be taken over by UBS. The Swiss banking center would then have only one major bank playing a role in international trade. The “accelerated takeover” decision will be made this Sunday, according to the Financial Times. It is unclear who will take over the new bank.
There is no self-imposed candidate neither in the management of UBS nor in CS. It is possible that Colm Kelleher (65), now President of UBS, will be the first CEO of the new Swiss superbank. Also, Philipp Hildebrand, 59, former chairman of the National Bank (SNB), seems to be chatting.
By Monday morning, it should be clear what the new Swiss superbank will look like and who will lead the new structure. UBS boss Ralph Hamers (57), a retail banker, knows little about investment banking and the private client business with the super-rich. This would have been necessary because Credit Suisse has a big investment bank with huge problems.
Crisis-tested Kelleher
Candidates Kelleher and Hildebrand bring the “SonntagsZeitung” to the talk. Kelleher was “the only one with the necessary experience, especially when it came to taming the investment bankers who drove CS into the abyss”.
Born in Ireland, he is considered a crisis-tested banker. Kelleher, who served as chief financial officer of Wall Street bank Morgan Stanley until 2019, was responsible for significantly shrinking its balance sheet and negotiating a billion-dollar cash injection during the financial crisis.
Swiss banker Hildebrand
Philipp Hildebrand, Executive Vice President of Blackrock, the world’s largest fund manager, joined the talks this week to negotiate a deal for the takeover of CS. Blackrock has now withdrawn a competing bid for the now-open emergency merger with UBS.
Prior to joining New York-based asset manager Blackrock in 2012, Hildebrand was SNB’s Chairman of the Board as well as a member of the Financial Stability Board, where she was appointed Vice Chairman in 2011. (cut)
Source :Blick
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.
