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St. in Basel Jakobshalle: After the General Assembly Before the General Assembly. On Tuesday, Credit Suisse’s deadline was over, and a day later it was UBS’s turn. There is also a bad atmosphere among the shareholders of the new Superbank as they are not allowed to have a say in the takeover of CS.
But the anger must dissipate quickly: UBS – and thus its shareholders – could emerge as a big winner. The bank only needs to set aside three billion francs for the deal. For assets that should be worth multiples of that.
UBS Chairman Colm Kelleher (65) will likely be in a good mood at the General Assembly. The Irish think big. It wants to push UBS forward in the global banking business. Therefore, the General Assembly will approve the request for bank shares to be converted from Swiss francs to dollars. The bank primarily wants to expand in Asia and the USA.
Finma gets ahead of UBS-GV
But the takeover also brings home the old problems of CS. Actares shareholders’ association therefore recommends “no” for the new share buyback program. Given the CS agreement, the bank’s capital base should not be weakened.
Also, Ralph Hamer (57) is scheduled to make his final appearance for AGM. Immediately after the General Assembly, the post of CEO will go to Sergio Ermotti (62). It was supposed to merge two major banks.
Then, on Wednesday morning, Finma surprisingly reported: It seems he now wants to answer critical questions from the media regarding the CS deal. It remains unclear why the financial market supervisor communicated this between the two plenary sessions.
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.
