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CS’s Swiss operations will be separated from the rest of Credit Suisse, which will be absorbed by competitor UBS. The liberals will submit a corresponding application to the Economic Commission of the Council of States.
“We are doing this for three reasons: First, we now know that no major bank is immune from state bailouts,” says FDP chairman Thierry Burkart (47). “And since the new UBS is more than twice as large as our gross domestic product, a rescue for Switzerland would hardly be bearable. UBS needs to get smaller!”
No monopoly
Burkart cites “the SMEs” as the second reason why the Swiss CS business should continue as an independent bank. It cannot be the case that one large bank has the monopoly at UBS. “Swiss small and medium-sized companies that operate internationally need a second, internationally networked bank.” He does not see any other Swiss bank where this is the case.
“And of course it’s about preserving as many jobs as possible.” The Swiss CS business is booming. According to Burkart, it would be a win-win situation if another bank were available for the Swiss economy and many Swiss bank employees could continue to work there.
Not a banking behemoth
The party chairman is pleased that other parties are also expressing themselves in this direction. He is therefore confident that the motion will receive a majority in parliament. “And that the pressure on the federal government and UBS is so great that Credit Suisse remains which can actually provide loans to the Swiss economy.
From left to right, the size of the new UBS chaired by Colm Kelleher (65) is tedious. A banking giant would never have materialized under normal circumstances. The Competition Commission would never have allowed such a company to be set up.
That is what SP party leader Roger Nordmann (49) says: “The secession of the Swiss part certainly makes sense. We support that.” But the question is whether there is a way to force UBS to release the Swiss part. Either way, the divorce is just a drop in the ocean. “UBS is still ‘too big to save ‘, in other words, much too large not to pose a risk to Switzerland.” For him, even stricter banking regulations are needed.
UBS will have to respond
Last week, UBS still had the upper hand. The federal government saw the only way out in their takeover. Now that the CS rescue has been successful, the time has come for politicians to make demands and reorganize. UBS will hardly be able to avoid this.
Source:Blick
I am Liam Livingstone and I work in a news website. My main job is to write articles for the 24 Instant News. My specialty is covering politics and current affairs, which I’m passionate about. I have worked in this field for more than 5 years now and it’s been an amazing journey. With each passing day, my knowledge increases as well as my experience of the world we live in today.
